For return e-auctioned amount from bank
LALIT KUMAR
(Querist) 30 March 2015
This query is : Resolved
Dear Sir,
With the ref. to SARFESI Act 2002 for auctioned property,
I have bought the property through e-auction & paid the total amount 35.25 lakh through RTGS & Demand Draft in S.B.I SAMB Branch Patna as according to bank & SARFESI Act guideline. After 3 month bank has given to letter & told to me come in my office & receive the Sale Certificate. I have given application on the name of Authorized officer & told to him “How I can received the sale certificate without physical possession? Few days before I have got it one call from A.O come my office & take your amount 35.25 lakh. I ask to him why ? He has not replied to me. But as per internal source facts is- Dy. Commissioner of our City is relative of Brower cum landlord relative & he has not given to approval for peaceful physical assistant of local police for possession & unnecessary delaying & pressurized to me to take the money. Because he would like to bought the property.
Please confirm to me following things:-
1. Is bank return my money with interest or not ?
2. How I can get the principle amount with interest ?
Request to you, Please guide & suggest to me what I should do?
Thanks & Regards
Lalit Kumar
Bokaro Steel City
Devajyoti Barman
(Expert) 01 April 2015
1, Bank is bound to provide money with interest.
2.ASK THE BANK THE REASON FOR CANCELLATION OF SALE.
If you are not satisfied you can file writ petition to set aside the cancellation of sale and claim for interest in alternative relief.
Rajendra K Goyal
(Expert) 01 April 2015
Let the Bank give any thing in writing. Write to the Bank that you have deposited the proceeds and the physical possession need to be given as the same is not being provided.
T. Kalaiselvan, Advocate 
(Expert) 03 April 2015
Based on the written communication by the bank cancelling the e-auction in your favor and the subsequent sale, you may initiate further necessary action as envisaged in law against the bank. Such scandals are on the rise in the banking sectors in the recent days.
RAJU O.F.,
(Expert) 06 April 2015
SARFAESI Act is the play ground for the officials of the banks. Purchasers also are part of it. The wording of the Sale Certificate is including the clause that possession is handed over to the purchaser on payment of the bid amount. If you are aggrieved, you may approach High Court by preferring writ.
