Sarfaesi act, 2002

Querist : Anonymous (Querist) 08 October 2011 This query is : Resolved
dear experts
during the auction i had submitted bid for a property with indian overseas bank under sarfaesi act2002. Bank sent me a letter of acceptance of bid & as advised i paid full amount within time provided. Now 10 days are passed no sale deed is sent by bank & when asked on phone regarding same they say to wait for 10-15 days but not in writing.
please advise me 1-what is time limit for issuing sale deed ?
2- Can bank reject our offer & return the money paid ?
3- If yes shall they pay interest on it ?
please advise
thanks & regards
kaushal arora

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ajay sethi (Expert) 08 October 2011
auction of property must have taken in presence of recovery officer . RO DRT must have passed an order accepting your bid .
time must hav ebeen provifded for you to make full payment . when full payment is made case will appear on baord for confirmation of sale .
then directions will be issued By Ro for prpearation of sale deed . it will take some time . dont panic .

prabhakar singh (Expert) 09 October 2011
1- time not prescribed.2-Not legally but instances are there where these mischief have occurred while subsequent to auction debtor arranges the debt and the same is entertained by the bank refunding the money of bidder but it is as exception and not as general.3-They shall not on there own but there would be cause of action to sue them for specific performance as well as for damages in alternate even after accepting the money back but under protest.

However as advised no panic is desirable,wait peacefully for ten days.

Arun Kumar Bhagat (Expert) 09 October 2011
I agree with Mr. Singh.

Sailesh Kumar Shah (Expert) 09 October 2011
I agree with experts.you don't need to panic.Give reasonable time to Bank.

bhagwat patil (Expert) 09 October 2011
It's general observation in such cases bank dont co-operate once the amount recovered from purchaser.follow up the deal and get completed from registrar of your area.

malipeddi jaggarao (Expert) 10 October 2011
I agree with Mr.Ajay Sethi. You will have to wait till confirmation of sale by RO, DRT. Even after confirmation, many times, banks take lot of time for further process. You need to follow-up with the Bank after confirmation of sale by RO, DRT.

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