Property on auction sale
somesh
(Querist) 14 May 2014
This query is : Resolved
Dear Experts
Bankers has issued notice in paper for sale of property in e - auction for next month.
please suggest how to stop or whether we can take stay from court how much charges shall advocates charge for the same.
please help i m in great difficulty.
ROHIT SHARMA
(Expert) 14 May 2014
Dear Mr. Soemsh,
1. If the bank has issued notice in newspaper for e-auction then the this must be done under some statutory laws.
2. You need to discuss the details of the case matter so that what best can be done legally to preempt such auction can be strategically planned.
Adv. Rohit Sharma.
(B.Sc. L.L.B. L.L.M.)
(M) : 09824047971.
E-Mail : lawgate1349@gmail.com
Sankaranarayanan
(Expert) 14 May 2014
you better to meet the concern officer and ask about the formalities to stop the auction.
P. Venu
(Expert) 15 May 2014
Why the auction?
Rajendra K Goyal
(Expert) 15 May 2014
You can stop the Bank from auction by paying the outstanding. It seems the auction is under SERFAESI act.
Lawyers charges are not fixed, it can be negotiated.
M V Gupta
(Expert) 15 May 2014
Yes. The auction must have been under the SERFAESI Act. You must have been served with notices before the bank issued the auction notice calling upon u to pay up the amount due under the loan granted to u and u must have failed to pay the loan amount. If u have any justifiable cause u can approach the Debt Recovery Tribunal and obtain stay of the auction; or alternatively approach the bank for one time settlement by paying initial amount as per settlement and pay the rest of the amount in agreed installments.
R.V.RAO
(Expert) 16 May 2014
agree with sri goyal ji and sri guptaji.yes. OTS/DRT can be a solution worth an attempt as a last resort, since auction notice was already published.
T. Kalaiselvan, Advocate
(Expert) 16 May 2014
If the notice is under sarfaesi act, you have to give a reply suitably or approach the bankers for settlement or negotiate with the bankers for either settlement or restructuring the loan and its interest, consult a local lawyer and proceed as per his advise.
Raj Kumar Makkad
(Expert) 21 May 2014
I do endorse the advice of Mr. t. Kalaiselvan.
