Hello:
Last week I was a succesful bidder in a SARFAESI auction. I made my 25% payment the same day and am awaiting the formal acceptance letter from the bank to make the remainder of the payment. The current owner (borrower) was also present during the auction. Eventhough all his Writ Petitions to the High Court of Karnataka were denied, he was still insisting on pursuing the court.
Here is some background - The borrower had pledged two properties to the bank and wanted the bank to release one of them so that they can dispose off the property to repay the loans. The bank refused to do so and insisted on getting the buyer to work with the bank directly. This has been going on for about 5 years. Finally the bank decided to auction one of the properties and I was the succesful bidder of the property.
Eventhough the borrower was adamant on going to the court, It has been 5 days since the auction and the bank has still not received any notice from any authorities.
Question:
what are possible outcomes ?
if i receive a letter from the bank and I make the full payment and the bank issues a sale certificate, do you still see potetial issues ?
appreciate your responses.
