Defunct property title sale under sarfaesi act
Chandrashekhar
(Querist) 01 October 2016
This query is : Resolved
Participated in SBBJ auction n became successful bidder deposited 25 pct of bid amount .Came to know from Seller (builder) that buyer haven't paid full consideration. I intimated bank that title is Defunct and i am not going to purchase property till title got clear between Builder n auction bank as per transfer of property act sale consideration not passed.But bank is not refund my initial deposit and demanding remaining amount with out clearing out dispute.Please guide for legal rights n action to be take.
Raj Kumar Makkad
(Expert) 01 October 2016
File petition before DRT containing documentary evidence in support of your claim. Mere oral claim of builder shall not work. You shall have to collect required documents from him for the establishment of the fact that the mortgagor was already having a mortgage with the builder and therefore subsequent mortgage by such banker was void.
I have personal experience that the builder might have given his NOC prior to disbursement of advance by banker in favour of mortgagor and thus builder has nothing to do with the mortgage and auction of the bank, however, you would have clearly known about all the arrears over that property prior to taking part in the auction.
Guest
(Expert) 02 October 2016
Mr. Chandrashekhar,
By the way, what is defunct title and how that becomes defunct in your views?
First of all, your query is of academic nature
Secondly, you have not mentioned, on what basis you took part in the auction if not sure about the title of the property, what property documents you saw with the bank, on what basis the bank sanctioned and disbursed loan to the buyer, on what basis the buyer was given occupation, if he was defaulter, what were the terms of auction, etc.
P. Venu
(Expert) 02 October 2016
What is SBBJ auction!
Rajendra K Goyal
(Expert) 02 October 2016
Expert P. Venu Sir,
Auction under SARFAESI Act by SBBJ Bank of the mortgaged property.
Author,
Purchaser beware, scrutinize / search well before purchase.
send notice to builder, Bank and take legal assistance after discussing with your lawyer.
Guest
(Expert) 03 October 2016
Venu ji,
SBBJ auction indicates auction of property by the State Bank of Bikaner & Jaipur.
