Reserve price under serfaci act

rakesh (Querist) 14 October 2014 This query is : Resolved
There is a order passed by DRT, Jabalpur that the mortgage property could not be sold less than 2 Cr., But bank failed to sale the said property on the price fixed by DRT. Now can bank sold such property in less than 2 Cr. without getting order from DRT and upto what extent bank fix the reserve price less than the price fixed by DRT.

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Nadeem Qureshi (Expert) 14 October 2014
Dear Rakesh
If DRT passed an order with the minimum price of Rs. 2 Cr. Then bank can not sale the property less then that amount without changing the order of DRT.

Rajendra K Goyal (Expert) 14 October 2014
Bank has to get fresh orders from DRT for fixing reserve price already fixed by DRT.

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