Defaulter court stay order on auctioned flat
Bhavesh
(Querist) 17 September 2013
This query is : Resolved
There is a flat for auction by one of the leading MNC banks but the defaukter has sent a letter to this bank claiming that there is a high court stay and bank is not suthorised to sell. ....also the defaulter is condifent that whoever buys the property in auction...will be in a mess as there is high court stay order because of arbitration processings between business partners of this property...this property is owned by a company.
urgent pls.
R.K Nanda
(Expert) 18 September 2013
defaulter will have to submit certified copy of stay order of hc, to stop auction of flat, by mnc banks.
Raj Kumar Makkad
(Expert) 21 September 2013
What is your query?
You have given only the fact but not any query so no reply.
K.K.Ganguly
(Expert) 22 September 2013
1. You have stated facts only. What is your query please?
2. If the High Court has stayed selling the property by the Bank as prayed by the Borrower, then the Borrower needs to serve copy of the said stay order to the Bank.
ajay sethi
(Expert) 22 September 2013
you can always ask for certified copy of order from defaulter . dont purchase the property in auction if you have any doubts . there is no shortage of flats for sale
Bhavesh
(Querist) 23 September 2013
Thank you all for your valuable perspectives...........my queries are -
1. Does it make sense to for auction of this property considering that there is a high court stay on this flat (dispute between partners and investors of the said company)
2. Also, since bank is not party to this stay order, can they auction it
3. Assuming the bank can auction it, will there be no further issue to the winner in auction from the earlier stay
need quick replies as auction is in this week and we need to take a call
Bhavesh
Bhavesh
(Querist) 23 September 2013
Also one more query-
Will society be able to issue fresh Share certiifcte in the name of the auction winner irrespective of the stay since original SC is with defaulter and not with the bank ...
