Physical possession under SARFAESI Act, 2002
Swaminathan
(Querist) 08 October 2019
This query is : Resolved
I have participated in bank auction under SARFAESI and declared as highest bidder and I have paid full payments for the property within stipulated time. Sale certificate also issued. Bank applied to DM for physical possession. Already 6 months over. DM order not yet issued. Borrower not disputed.
1. Whether Registration is allowed under SARFAESI act before physical possession ?
2.Can I go for registration of property or to wait for DM order ?
SHIRISH PAWAR, 7738990900
(Expert) 08 October 2019
Dear Swaminathan,
You can go for registration of document there is no bar under any law. However it is advisable to verify all the document from advocate. You can wait for order of DM.
Regards,
Swaminathan
(Querist) 08 October 2019
Thanks Shirish Pawar Sir
Hemant Agarwal
(Expert) 09 October 2019
1. Use the DM's order for Registration and Possession, which would irrefutable and to avoid any legal issues, with anybody (Borrower, Bank, other debtors claimants etc....). Typically a "Sale Certificate" is a legally conclusive document for all futuristic purposes.
2. Force the Bank to expidiate & obtain the possession order, thru a Legal Notice to Bank.
Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com
NANDKUMAR B SAWANT
(Expert) 11 October 2019
Sir you may file application before the same drt officer who ordered auction of property
NANDKUMAR B SAWANT
(Expert) 11 October 2019
Sir you may file application before the same drt officer who ordered auction of property
R.K Nanda
(Expert) 11 October 2019
wait for DM to make order.
