sarfasi Act

preet (Querist) 22 January 2011 This query is : Resolved
Bank published the notice of pocession in newspaper and now what is further step of the bank.Is the bank goto DRT direct take the action of auction?

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S. Bharath (Expert) 22 January 2011
Bank does not have to move DRT to carry on with the auction under SARFAESI Act. It may notify and conduct the auction and finalise the sale.

Advocate. Arunagiri (Expert) 22 January 2011
If you want to challenge the Banks proceedings you can go to DRT. Bank need not go to DRT for auction.

abhishek (Expert) 23 January 2011
Acc to Sarfesi act after giving notice of possession the bank take the possession of sais property ans sell it through auction to recover their loan. If their is some procedural lacuna made by the bank while issuing it you can challenge the notice in civil court

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