Raman Kumar (Manager) 19 February 2014

Sarfaesi act misguide sale.

Dear experts,

I had bought a property under Sarfaesi act,2002 from a Particular bank for X amount through a bid & with full chain of documents shown to me by the bank. Even the bank santioned loan on the above property for X/2 amount & a loan was santioned ,sale certificate issued & physical possession was provided & bank Manager asked me to go for sale deed.

After 10-15 days i came to know that the same property was already auctioned 4 months back under the orders from DRT &a sale certificate was issued to another buyer who won it earlier at an auction at a higher amount from other bank under DRT orders.

So that buyer & me went to our bank , in which he gave all his papers including DRT copy.Also i submitted a copy stating the cancellation of sale, plus refund of all my submitted amount & also the clearing of the loan.Since the first EMI was due & application was give prior , Bank didn't asked for it.

Now after 1 month bank is giving assurances & still not giving an official communication with regard to my application.

Now pls let me know what the options? Can a lodge a FIR against the bank terming it as a forgery.What is the process for the sale deed No party hasn't done any Sale Deed & it has been more than 6 months from the DRT auction? What are the norms for these?

Thanks in advance

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4 Replies

Raman Kumar (Manager) 15 March 2014

i suppose no lawyer is able to advice. pls let me know or pm me..

c.p.s. ramachary (1500) 15 March 2014

Mr. Raman Kumar,

Lodging of criminal complaint does not help to get back your money paid towards sale consideration. If your sale certificate is not registered, there is no need for cancellation of registration. if the bank had suppressed you all the facts and sold the property, then you are entitled to claim refund of the sale price amount together with damages actually suffered by you. You are also entitled to claim interest.on the amount paid by you towards sale price for the property. You may make representation to the bank with a copy to Operations Department of Reserve Bank of India. If the banks do not respond to your representation you may file suit for damages in Civil Court as DRT.

c.p.s. ramachary (1500) 15 March 2014

Mr. Raman Kumar,

Raman Kumar (Manager) 13 April 2014

Thanks sir for your answer. Now after going through all the details i m in a better position now to let you know the facts.

My bank was the first mortager of the above said property since 2010 & then the same property was sold by the same buyer to other people through sale deed & that sale deed was mortaged to different PSU banks in subsequent years thrice over. Now what happened in the interim, 2 & 3 mortgagers went to DRT & sold the property last year through auction but never was any sale deed done to the buyer.

Afterwards last december, my bank mortgager-1 who had the first registered documents & all the necessary paper sold that to me,through an auction.

Now my bank is asking me to the sale deed during the stipulated time period of 120 days & also they have challenged others in the DRT their previous order.

I want to know what is our changes of getting the property, should i make an appeal in DRT also.?