Sarfaesi Act - 2002

I think there are conflicts with the Act and your condition. Pl. find attached a copy of the Act.

Refer to section Section 13 of the SARAFESI act.

Resp. Mr. Dipak Kumar Vasudevan,

Thanx a million for providing a copy of Act.

The best way is give notice to the bank about your intention to sale with reason that bank has no experise in selling properties so in the process value of property will plummet.

They will listen or DRT will give you relief on this condition alone.

S.13(4) of the Act of 2002 provide where you give valuation report .Application to the authorised officer .If he does not consider then move application to P O U/S19 of the Act 2002 you may call 9414072738 for further enquiry.

"borrower has offered to sell the same & deposit the proceeds to the loan accounts. "

Lets be practical 

You are ready to get a better deal for the property and not against sale of the property... then when the Bank puts the prop on auction why could you not bring the same your buyers to participate in the auction  ??

This is an old trick....

Mind you DRT can interfere, only, if there was violation of the procedures laid down under the SARFAESI Act and not otherwise (though every DRT interferes even otherwise, that's a diff story) DRT's powers are very limited...

A recent decision of the Apex court would be worth reading United Bank of India Vs Satyawati Tondon (2010) 8 SCC 110 decided on 26/7/2010

Hope this helps.....

Resp. Experts,

Borrower offered to mortgage a title deed pertains to lal dora area"s residential plot in a village for housing loan. Will sarfaesi act applicable on that land or not?

                                                                              with regards!

                                                                                                                                   PSB