Symbolic possiosion of auction property

Mr. Anjan,

Get the reply of the Bank in writing. The law requires the auction purchaser to deposit balance amount within a period of 15 days OR to the period agreed in writing by the Bank and the purchaser. It means the Bank does not have possession AND / OR legal authority to auction the property in question. U r money is in jeopardy. Ask for refund with interest. 

For any further help u may contact Adv. Manish Bohade in Mumbai on - 9371505560 , m.bohade@rediffmail.com.

MANOJ

Sir, the bank had stick the 'Possiossion letter' on door of property at that time.  I had the copy of it. So it shows that bank has the possission of that property.  Still any chances that bank doesnot have the possission ? 

Mr.Anjan, usually Bankers commit many mistakes, deliberatly as well as due to oversight. It becomes difficult for the Bankers to secure lawful possession. The delay from the Bank in u r case is an example of the same. U should demand refund with interest from the Bank & then file suit for damages. 

Dear ManojSir,

the bank had stick the 'Possiossion letter' on door of property at that time.  I had the copy of it. So it shows that bank has the possission of that property.  It is Symbolic possission. Still any chances that bank doesnot have the possission ?
 

Thxs for reply actually i recd it little late so i had posted again.. sorry for that.  So as per your opinion there should not be more than 6 months to take for selling this property to me and i have to cancell the deal ? right ?

Mr.Anjan,

The Bank should not take more than 15 days to complete the sale. As the NPA Act is meant for speedy recovery. And whenever the Bank has lawful possession it closes the deal asap. 

Get u r money back & proceed to file suit for damages.

Anjan bank may need some more time getting the possession of the property,because  it has to go to the magistrate court to get lawful possession . You must be lucky that  in ur case bank has resolved to collect balance of 75% while handing over the actual possession of the property. Because most of the properties passon the symbolic possession to the auction purchaser. But in ur case bank wants to ensure that u get possession  and mutation done in ur favour. Therefore dont panic and allow  some time to materialise things. 

I beg to differ with the opinion of Khalid. The Act provides for a payment of entire amount with in 15 days. Else the auction gets cancelled. And such a scenario provides opportunity tp the mortgagor for creating trouble by means of litigation. 

So some action needs to be taken urgently.

MANOJ

I beg to differ with the opinion of Khalid. The Act provides for a payment of entire amount with in 15 days. Else the auction gets cancelled. And such a scenario provides opportunity tp the mortgagor for creating trouble by means of litigation. 

So some action needs to be taken urgently.

MANOJ

Thx for reply.   as per your opinion is it better to wait for some more time ?

Sir can you tell me how can i know the status of the case or case number of this auction property case. So that i can check through internet.

Anjan u being the successful bidder have every right to question the concerned officer who conducted the auction for the delay in collecting the balance amount. You may extract required details from that officer. he is duty bound to answer ur queries.He could be in a position to tell u whether the borrower has initiated any legal acttion against the bank for selling his property.

Dear Anjan,

i am planning to buy auction proerty, can you please provide some information on process, do's and don's with wiht this respect.

you can either contact me pn 9769577728 or morearun2007@rediffmail.com or you may drop your number.

Experts, please provide your valuable on the subject matter.

regards,

Arun More.