securitisation act

skkutty (Querist) 14 March 2009 This query is : Resolved
i purchased a house on auction under the
SRFAESI ACT.in the registered document conveying the property to me it is stated by the authorised officer that there is no charge or attachment on the
property.after conveyance in the backdocuments given by the bank there is an EC which shows court attachment before the date fo conveyance but after em by bank and it is not vacated.what is my remedy.can i sue the bank for cheating.

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PALNITKAR V.V. (Expert) 14 March 2009
In fact it was your duty to check the documents of title. Had you seen the documents, you would have come to know about the attachment. Anyway, you may file proceeding for cheating. try to find out why the property is attached and try to get it released.

adv. rajeev ( rajoo ) (Expert) 14 March 2009
it is ur duty to check all the documents like encumbrance certificate minimum 13 years before purchasing, buyer must be aware. U have got right to file cheating case against the bank

skkutty (Querist) 14 March 2009
as you know in some cases courts attach property on request by judgement cretor
but may not have been registered with
sub registrar.further as i said bank has taken ec but concealed from me.after conveyanc i understand bank can not file a vacation suit.then what is the banks remedy if i file a suit for cheating.

KamalNayanSaxena (Expert) 14 March 2009
The procedure adopted by bank under SARFAESI Act is a valid proceeding since the bank has first charge over the property.

You should file an application before the court where the property is attached narrating all facts.

I hope the property shall be released if there is no specific charge against the said property before the comencement of proceeding under SARFAESI Act.

M. PIRAVI PERUMAL (Expert) 14 March 2009
I agree with the view.

Kamlesh soni (Expert) 15 March 2009
I agree with the view

Guest (Expert) 15 March 2009
I agree with the view.

skkutty (Querist) 15 March 2009
THE ATTACHMENT BY COURT WAS DONE AFTER THE EM WAS CREATED BY THE BANK ON THE PROPERTY BUT BEFORE THE PROCEEDINGS UNDER SARFAESI Act.SINCE THE BANKS CHARGE WAS FIRST AND ATTACHEMENT WAS SECOND WILL THE ATTACHEMENT GET LEGAL SANCTITY?

Uma parameswaran (Expert) 16 March 2009
The auction made under SARFAESI Act is valid one because the property auctioned is only in attachment stage in another court.The property auctioned by SARFAESI Act would be the pledged property before the Bank.Look the date of attachment by attachment Court.As a auction purchaser through court you have the right over the property.At this stage it is better to move before the attcahment court with the documents.

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