Auscation of property by finanical instution
Advocate M J
(Querist) 23 August 2012
This query is : Resolved
Good evening learned members
Sir, my client is filed under sec 13(2) of SARFAESI act 2002. and now the finical institution is sent a notice from their bank letter head that thy are in process to auction the property and the paper notification is also published.
My client wants to pay the EMI's amount and clear it.but the bank is bend upon to auction it. they had given hardly 4 days to pay the amount.
My client is a retried school teacher, he need atleast 1 month to pay the full account of EMI'S.
Now sir how can i help him, to save his hard owned property from auction immediately and can the bank take over or sell his property by auction to others without his consent or signature on the sale deed.
I request the learned members to guide me .so i can help this aged person to save his hard owned property.
wht steps i need to take immediately
Thank u
Yogesh Anand
(Expert) 23 August 2012
please improve your english to make us understand the query in right perspective. The notice under 13(2) gives two months time to settle the dues of the bank. Now under 13(4) the bank is going to sell it by auction which does not require signature of your client. Still you can give in writing to the bank that you will repay the amount within one month they may cancel or postpone the auction.
