Maximum time limit to register a site purchased under auction
srinivas
(Querist) 04 November 2008
This query is : Resolved
situation:
Mr.A defaults repayment of housing loan taken for purchase of a site and construction. The nationalised bank calls for an auction in its premises and sells the site to Mr.X in the auction. Mr.X has paid full consideration for the site but the bank has not yet registered the site in the name of Mr.X even after 22 months from the date of auction. When Mr.X verified the property documents which were with the bank which the bank did not give before the auction the bank did not have all the documents required for registration of the property in his X name. so Mr. X insisted the bank to induct the indemnity clause into the certificate of sale and to provide all the necessary documents required for registration but the bank is just deny Mr.x that they cannot give any documents nor they will induct the indemnity clause. When Mr.X verified a copy of the sale deed of Mr.A which Mr.X received from the bank , Mr.X came to know that the bank officials have released the loan to Mr.A even for construction when there is no construction at all and they are fearing that if they induct any indemnity clause they may be in trouble for any future problems that may araise in the future.
What measures can Mr.X take to get the site registered in his name?
Several requests to various officials of the bank have failed to get any response from the bank.(at the regional levels & h.o.level)
Srinivas.B.S.S.T
(Expert) 05 November 2008
X can file a suit for specific performance or can file a petition before the DRT if he purchased the plot in DRT auction. The crux is that to verify whether A has filed any petition before the authority which has conducted the auction seeking setting aside the auction of the property.
srinivas
(Querist) 05 November 2008
situation:
Mr.A defaults repayment of housing loan taken for purchase of a site and construction. The nationalised bank calls for an auction in its premises and sells the site to Mr.X in the auction. Mr.X has paid full consideration for the site but the bank has not yet registered the site in the name of Mr.X even after 22 months from the date of auction. When Mr.X verified the property documents which were with the bank which the bank did not give before the auction the bank did not have all the documents required for registration of the property in his X name. so Mr. X insisted the bank to induct the indemnity clause into the certificate of sale and to provide all the necessary documents required for registration but the bank is just deny Mr.x that they cannot give any documents nor they will induct the indemnity clause. When Mr.X verified a copy of the sale deed of Mr.A which Mr.X received from the bank , Mr.X came to know that the bank officials have released the loan to Mr.A even for construction when there is no construction at all and they are fearing that if they induct any indemnity clause they may be in trouble for any future problems that may araise in the future.
What measures can Mr.X take to get the site registered in his name?
Several requests to various officials of the bank have failed to get any response from the bank.(at the regional levels & h.o.level)
sanjeev murthy desai
(Expert) 17 March 2009
First You get sale certificate from Bank Authorities.
Then You can registered that document with in 4 months in your name.
sanjeev desai
