shankar shyam (business) 17 July 2009

sarfaesi act- my land auctioned- loan was borrowed by seller

My dad has bought a land at chennai in 1998. The layout promoter said that the land is in Equitable mortgage in a nationalised bank and once we buy he will pay 1.35 lakhs to bank and get EM release letter for my plot from the bank. The same he has did for the previous purchasers. unfortunately to me and other 70 people he couldn't as the bank has stopped this practice after we purchased. in 2008 the bank has applied the sarfaesi act and brought all the 70 plots for auction. 40 people have met the bank and made deal to pay 3.5 lakhs for 2400 sq feet and got the release letter. but we dont know this.our land has been auctioned 7 months before. how to get our land back now? we requested bank that we are ready to pay the same amount what others paid but they are refusing by saying that sale has been confirmed and sale certificate is issued. how can others get and we cannot. bank has never intimated us. please reply me. my dad has purchased this land with his final settlement from govt who is 72 yeras old now. help us.

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3 Replies

shankar shyam (business) 18 July 2009

can any one help for the above problem by advicing me how to legally approach to redeem my housing plot? is there any similiar cases and judgements favourable to the vicitms like me? please let us know. this property was bought from my dad's retirement benefits. kindly provide your valuable help and comments.

Brijesh (Lawyer) 24 July 2009

You have not provided with clear details.

Normally if a Bank acquires possession of any property under SARFAESI ACT 2002, then the aggrieved party needs to file an application immediately within 45 days at the jursidictional DRT, objecting to the same and giving appropriate details.

You have not clearly specified to whom the payment was made by you. Please engage a lawyer immediately to initate action and show all the receipts and documents in your possession regarding purchase of the said property.

shankar shyam (business) 05 September 2009

Dear Mr.Brijesh,

Thanks for your suggestions. I have filed an application in DRT. I have not made any payment yet. we were totally 70 people having same problem in our gated community. among these 70 owners, 40 owners have paid 4 lakhs as OTS amount for their plot and got the NOC release letter in may 2009 which was 6 months after the auction date. the remaining 30 plots were auctioned . I was also ready to pay this 4 lakhs for our plot but to the respondent bank only not on anyone's private bank account like other 40 plot owners. All I wanted was to have transparency in paying up the OTS amount which I gave in writing before the auction. But my request was neglected by the respondent bank and they proceeded with the auction. please give me your valuable advice,