Vyshnav 24 November 2017

Sarfaesi act and tenants

Hello Everyone,

We have just received the SARFAESI act pasted on the walls of our rented place in Bangalore.

The message reads 'This property is taken symbolic possession by Vijaya Bank Under the provisions of SARFAESI Act'

I have attached the image of the letter posted on the door as well.

We have a rent agreement established between the owner and the 3 tenants. This agreement is bound with the correct stamp paper and is valid until September 2018.

We are currently trying to figure out the next steps as a tenant for this situation. We are wondering if the best practice is to stay till the agreement expires or if we take the security deposit (Which may be hard since the owner clearly cannot pay debts).

Could you please tell us the best possible route we, as tenants, can take in this situation?

If I could also receive a contract to a lawyer who specializes in this field in Bangalore, it would be greatly appreciated.

Reply Follow

3 Replies

Law Aspire (Legal) 24 November 2017

Then what is the precautions one should take before taking any property on Lease,
after taking symbolic possession what are the next steps Bank will Take,
Till how much time Tenants can stay?

P. Venu (Advocate) 24 November 2017

The terms of the tenancy/lease are promoted by the provisions of the Rent Control Act. A tenant cannot be evicted on the basis of the Orders issued under the SARFAESI Act.