Property purchased from bank under auction

YATIN (Querist) 28 March 2014 This query is : Resolved
Sir
My matter relates to purchase of property at Nasik from bank in auction. Union Bank of India had kept as mortgage a plot in Nasik belonging to one of its borrower as security. When borrower was not able to repay loan taken from this bank it started procedure under Serfaesi Act and issued notice in press and accordingly we entered bidding process and were chosen as qualified buyer. We made payment to bank and bank executed sale certificate in our favor for said property.

However the original borrower approached Debt Recovery Tribunal and tribunal gave a status quo order/stay. Since four years case is not reaching and we are unable to get title and possession in our favor.
My queries are:

1) When bank has completed procedure under Serfaesi Act can borrower stop or create hurdles in this transaction?
2) When bank had lien over title of property and executed sale certificate in our favor does Debt Recovery Tribunal has any judicial authority to enter and stop this transaction?
3) What should be done to get titles in our favor without waiting for DRT hearing which may take years since it does not have sufficient no of judges to decide matters and back log is very heavy?

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Guest (Expert) 28 March 2014
When you had purchased it from Bank it is Banker's responsiblity to hand over the possession also.Consult a Lawyer and serve the bank with legal notice for possession of property with interest for 4 years or refund with interest and damages

ajay sethi (Expert) 28 March 2014
yes borrower can obtain stay from DRT .

request DRT to place case for final hearing at an early date as full payment has been made by you .

Rajendra K Goyal (Expert) 28 March 2014
Approach DRT with a request of early hearing.

T. Kalaiselvan, Advocate (Expert) 31 March 2014
I agree with the experts opinion on the subject, you may proceed as suggested.

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