Need advise under SARFAESI ACT urgently

If the query of Mr.JSDN is sincere, please read Sec.17 of SARFAESI Act.

i have taken participate in bank auction and give the emd( 54400 rs/ 10% of the value of the property) money to

the bank on date 27/06/2012 but after opening the bid on date 30/06/2012 the bank says that the borrower lives in

property and they have written in "as is where is" in sale notice, it is not the responsebility of bank to take

possession of property. it is my hadche and i have to move the dm permisssion application after registry thorough

the bank's authorised officer and within the 24 hours you have to submit 15% more money of propert bid value( i.e

83000 somethig). i have given written application to the bank bank forbid for taking application so i have done

speed post to the bank today(31/07/2012).  i want that bank will take possession and then i will pay 90% money of

property valeu.further what can i do in this matter for taking back emd money.can i launch a fir in 420 or give

court notice. i am attaching sale notice of bank.pls help me soon.

Dear Mr.Ankit,

My only doubt is without visiting the property, how did you assess the value of the property? However you are not a secured creditor to approach the DM/CMM to get an order under section 14 of the SARFAESI Act. Hence, it is the duty of the financial institution to get an order under section 14 for possession of the property.

If the bid was confirmed in your favour and if you did not pay 25% of the bid amount the same day, the Authorised Officer could forfeit the EMD of 10%. The Authorised Officer had to can cell the bid the same day and had to conduct re-auction the same day or could postpone the sale to another day.  It is the duty of the bank to give you possession of the property by proceeding u/S 14 of the SARFAESI Act.