To get stay for the auction sale with respect to drt matter
Sharath Babu
(Querist) 22 March 2012
This query is : Resolved
Hello friends,
I need clarification with regard to DRT Matter..
Jurisdiction: Bangalore.
CASE: - Parties had Mortgaged immovable property to bank, can bank directly initiate auction for sale without approaching DRT in case if the parties not able to repay the loan amount. I also need to know the procedures involved to get a stay for the auction proceeding. Draft petition if any. Which Court to approach under which section?
I Request you to kindly reply.
ajay sethi
(Expert) 22 March 2012
bank must have issued notice to you under Section 13(2) of SARFAESI act giving you 60 days time to repay the debt .
did you reply to legal notice .?has the bank sought to take posesson under section 13(4) of act ?
if bank is seeking to auction your property you will have to move the Debt recovery Tribunal in bangalore for stay . file an appeal before DRT
contact a local lawyer . we do not provide ready made drafts .
Ghanshyam Prasad
(Expert) 22 March 2012
Approach DRT for stay of auction.Drafts requires detail facts.
Shonee Kapoor
(Expert) 22 March 2012
Approach DRT.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Rajeev Kumar
(Expert) 22 March 2012
Approach DRT for stay of auction
Sharath Babu
(Querist) 22 March 2012
Thank you very much for your reply,
I need to know that on which section can I approach before DRT to get a stay for auction
Sharath Babu
(Querist) 22 March 2012
Friends I need clarity on this point also please:
Can bank directly initiate auction for sale without approaching DRT after issuing the required demand & possession notices.
Anirudh
(Expert) 22 March 2012
YES, the bank can proceed with the auction after having issued the notice u/s. 13(2) and after having taken possession of the property under Sec. 13(4).
If you want to stop the auction by the bank, then it is for you to approach the DRT. The Bank need not get any permission from anywhere.
Advocate Bhartesh goyal
(Expert) 22 March 2012
Rightly advised by Anirudh.After having taken possession of property, Bank is required to issue a public notice for auction of diputed property in local circulating newspaper.Borrower or other affected person can challange the action of bank by filing appeal in DRT u/s 17 of Safaesi Act.
