Rights of auction purchaser under maharshtra co op soc act
G
(Querist) 03 August 2012
This query is : Resolved
One of Co Op Bank has conducted auction of property after obtaining certificate U/S 101 of MCS Act. I have bought that property in auction on 13/06/2012. I have deposited entire amount as per terms within 15 days. Then final sale certificate and sale deed registered and possession is given on 16/07/2012. Now borrower has filed revision petition U/S 154 with Div Jt Registar stating that he purchased DD on 12/07 (within 30 days of auction) for entire loan amount but bank did not accept same and he requested Jt Registrar for set aside of sale. I want to know what are rights of genuine bonafide purchaser in such case of sale deed is already registred under transfer of properties act.
ajay sethi
(Expert) 03 August 2012
after purchase of property in auction sale is confirmed after period of 30 days . the court must have been satisfied that borrower has failed to make payment within stipulated period then confirmed sale and sale agreement executed in your favour .
borrower will have to prove that he has sought to make payment within 30 days before confirmation of sale .
once sale deed has been regd in your favout chanceas are bleak that sale would be set aside
