Sarfaesi
Ritika singh
(Querist) 08 March 2013
This query is : Resolved
1) i am a bank who has auctioned the property of the borrower on which my security interest was created and the same is sold to a buyer.
2) the buyer has paid 25% of the consideration price determined during the auction in accordance with rule 9(3) of the SARFAESI rules,2002.however,i have not issued the sale certificate in accordance with rule 9(6) of SARFAESI rules ,2002 to teh buyer.
3) now, my borrower wants to get back the property and is ready to pay up all the dues.
4) is it possible to cancel the auction at this stage when i am in receipt of 25% payment by the buyer.can the buyer challenge such cancellation of auction legally.
is there any way i can return this property back to the buyer as i have not issued the sale certificate.
Advocate M.Bhadra
(Expert) 08 March 2013
You should immediately file an application u/sec.17(1) of SARFESI Act in the Debts Recovery Tribunal.
Rajeev Kumar
(Expert) 08 March 2013
You should file an application in DRT.
Raj Kumar Makkad
(Expert) 09 March 2013
Being banker, you have already penal advocates so why to resort to this free of cost service meant for poor needy persons?
