Can foreign bankruptcy office auction nri property located in india
ceizar ali-asghar
(Querist) 18 September 2014
This query is : Resolved
Can Foreign Bankruptcy Authority seize and auction property located in India belonging to Indian Citizen, debtor in default and resident of Europe ?
Raj Kumar Makkad
(Expert) 18 September 2014
No. It cannot be done directly rather such decree shall be executed by Indian Court.
ceizar ali-asghar
(Querist) 19 September 2014
After greetings and respect, don’t you think the matter is taken as foreign judgment, and submitted to Indian Court to pass Orders under Section 13 and 14. It is important to note that competence of judicial authorities is the place of residence/domicile where the NRI-DEFAULTER is living, where under law the defaulter is enforced to declare all his assets which may may spread inside the country where he lives and also outside that is India.
Bankruptcy Authorities seize the assets with consent and presence of defaulter and finally after legal proceedings, Foreign Court gives orders to execute selling of the assets in public auction. Where a certificate of ownership is given to highest bidder, who again has to approach Indian Court of the place where the properties are located. Finally it will be decreed by Indian Courts.
Atlas Eva
(Expert) 19 September 2014
I think that you should consult a Insolvency Law Expert on the matter. Also you have not specified the sections clearly , sections of which act ?
I think that the foreigner who has the certificate of ownership should engage a lawyer in India and get the Decree by Indian Courts, this is the Correct way. Because this will save time of the foreign owner later on if the same is challenged by the principle owner later on.
Dr J C Vashista
(Expert) 19 September 2014
I agree with the expert advise of Sh. Raj Kumar Makkad. The decree passed by a foreign Court has to be transferred to the Indian excutive court.
Rajendra K Goyal
(Expert) 19 September 2014
Agree with the advise of expert rajkumar makkad ji.
Devajyoti Barman
(Expert) 19 September 2014
The query is devoid of details and lack of it makes it an academic query.
Raj Kumar Makkad
(Expert) 19 September 2014
Though academic yet the query contains the important point which generally we should also know.
ceizar ali-asghar
(Querist) 19 September 2014
Pleasure to put details for academic purpose as follows:
1- One NRI resident of Europe makes default. According to law of this Nation, defaulter is summoned to give all details of his/her fortune/assets in which this defaulter also had properties in India, which were seized/sequestered and finally been put to sale in public auction after legal proceedings, where the Court of this Nation orders to sell his assets upto the amount in claim by the creditors.
2- One foreigner who is not Indian Citizen purchase these objects in auction, and hold certificate of purchase to implement her ownership in Indian Court where the auctioned property is located.
QUESTION:
- Whether the purchase by this foreigner of Indian property sold by foreign judicial authorities in public auction is allowed under the Law of India?
- What procedure this foreigner should take to implement the ownership?
- Answer to learned Atlas Eva, section 13 and 14 of CPC with respect to foreign judgment.
- Whether foreign citizen are entitled to file suit in India.
- Under property act, a foreigner can implead for ownership of purchased legal document.
Raj Kumar Makkad
(Expert) 21 September 2014
How are you related with the queries raised by you?
It seems that same are moved by a law student.
T. Kalaiselvan, Advocate
(Expert) 27 September 2014
Section 14CPC is very clear:
4. Presumption as to foreign judgments.
The Court shall presume upon the production of any document purporting to be a certified copy of a foreign judgment that such judgment was pronounced by a Court of competent jurisdiction, unless the contrary appears on the record; but such presumption may be displaced by proving want of jurisdiction.
The above interprets that except jurisdiction, if it is confirmed, the judgment may be implemented.
