Not registering the security asset with cersai

KAKA ji Buyer must be aware before the pruchase.

U had not followed the rule and hence suffering.

Before goingto bank to take the proeprty u need to ceque the liability on that land by the previous owner.

U need to give raply to 13(2), 13 (4) thoprugh lawyer.

If u lijke my suggesation then give THANK on my pforile.

@Bharat sir: Thnaks for replying.

We had checked from our end (with CERSAI and with sub-resistrar as well), and we have non-encumbrance cetrificate issued by sub-registrar as well. It was bank who failed to comply with RBI guidelines. 

And as I already mentioned that we had given reply to notice 13(2) under section 13(3) of sarfaesi act. But bank did reply on this.

Please suggest the forward path.

Very Typical situation
But if Central registry dont have the records, Bank will not be able to do against the property

Originally posted by : adv.bharat @ PUNE
	KAKA ji Buyer must be aware before the pruchase. U had not followed the rule and hence suffering. Before goingto bank to take the proeprty u need to ceque the liability on that land by the previous owner. U need to give raply to 13(2), 13 (4) thoprugh lawyer. If u lijke my suggesation then give THANK on my pforile.

Why he  should suffer , even if he have got done the legal title search , he may not have got any information in this regard 

Dear Kakaji

Please approach the concerned jurisdiction court/DRT for obtaining a injuction against the e-auction to be conducted by the Bank. 

Do not give possession of the property to the Bankers or anybody unless there is a specific court order in your name for vacating the premises. meantime approach the local advocate for taking further necessary steps in the matter to focus the lacunas/mistakes made by the Bank in lending the loan. 

Application for physical possession of the property filed by bank before DM under section 14 of SARFEASI act has been disposed off. Highlights of the order are as follows;
* Some of the facts presented by the bank in the application are false. Property is not in the possession of borrower (as stated by bank). Property has been purchased by third party and presently is in his possession. This fact was hid by bank.
* Bank did not carried out proper investigation during loan processing process. Loan was approved for a valve greater than the value of property. Neither it was registered with sub-registrar. As it was agriculture land at the time of granting the loan, it had to be a registered mortgage instead of equitable mortgage.
* It is not registered with central registry (CERSAI) while it is mandatory for all equitable mortgages created after march-2011. (In fact it was asked to all banks in 2013 as a mandate to file registration of security interests with central registry created before 2011 also).
* As per section 26D of SARFAESI Amendment act-2016, SARFAESI Act can not be imposed unless central registry of the security interest has been done.
* Third party (we) is the bonafide purchaser of the land.
* Help for obtaining physical possession can not be provided.
* If bank wishes, it can recover its dues from the borrower from its other properties.

DM has thoroughly studied the case with the help of advocate and passed this order.

1) What are the options left with the bank. Can bank appeal against the order of DM before DRT/High court/ Commissioner? Apparently bank will not appeal against this order as they are at fault.
2) What actions should we take now as a precautionary measures like filing caveat in DRT/HC?
3) If bank wants to recover its dues by attaching other property of the borrower, what will be the procedure followed by bank. Can it be done by DM or they will have to approach DRT/high court?
4) We wish to sale this property. Will it be safe now if we transfer the ownership of the property to some other person who is buying this property.
5) What is process to ask for compensation from the bank for mental, financial harassment caused to us (due to illegal proceedings done by bank under sarfaesi)
6) Meanwhile we are trying to file FIR against the fraud borrower, and hopefully within next few days FIR will get lodged. 
7) Then branch manager had certainly taken the bribe to process this loan. For that we are planning to file a complain with CVC, Bank's vigilance cell, MoF against the bank.
8) This investigation report and order passed by DM will be helpful for us in getting the FIR registered against bank and Borrower. 
9) Additional suggestions to get this case resolved at the earliest.

Thanks