Sarfaesi act
Pramod Shroff
(Querist) 10 September 2013
This query is : Resolved
Can the bank give vacant possession of a property sold in auction under the SARFAESI Act. After the mortgage was created, the property was tenanted to a relative of the borrower.
ajay sethi
(Expert) 10 September 2013
there must be a clause in mortgage deed that no thrid party rights can be created without consent of the bank . please clarify whether any such permission was sought . what were the terms and conditions of auction ? whether property sold on as is where is basis .
R.K Nanda
(Expert) 10 September 2013
state full facts.
Nadeem Qureshi
(Expert) 10 September 2013
there is a procedure regarding tenancy under SARFAESI act, there is two option Tenancy is before mortgage or after mortgage is important fact.
for best advise state full facts
Advocate Sastry
(Expert) 10 September 2013
Please provide us full details as suggested by other experts...
Raj Kumar Makkad
(Expert) 11 September 2013
This is an academic query. Post the entire facts related with the issue.
V R SHROFF
(Expert) 11 September 2013
As u r Adv practising in the High Court of Calcutta for last 42 years, who knows better than you, in such cases at Calcutta??
Innocent tenants are protected, ownership will change on auction, w/o physical possession, if obtained Lawfully.
If colourful Tenancy, to harm bank interest, tenant need to vacate the premises.
need to go thru mortgage agr.
prabhakar singh
(Expert) 11 September 2013
A plain yes would be my answer in facts stated.
Even if tenancy is not a sham transaction,it can not be protected against bank's right to move upon it for possession under the SARFAESI Act.
ajay sethi
(Expert) 11 September 2013
querist has not bothered to reply to clarifications sought . query is resolved
