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Kaushal Arora (Proprietor)     14 December 2021

Property puchased from bank under sarfeisi act is under others possession

A purchased a property from Bank Auction under sarfaesi act & it  some of its total area was under possession at the time of purchase. After purcase i approached to persons who were living their & they assured to vacat against compensation for which i agreed but after 2 years they are misguiding me & are not willing to vacat,

Please advise if their is any provision in sarfaisi act to get possession with the help of administrations.

As per act S.No.- 14 mentioned as . Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset   may help to get possession or any other way.... Please suggest



Learning

 2 Replies

Anaita Vas   14 December 2021

1. There is no legal hindrance in selling a property in auction even if it's encumbered with tenants or its physical possession is not taken.

2. You should have been vigilant in ensuring the demarcation or possession before buying the same.

3. In many cases the property is auctioned as is where is basis.

4. However do note that at the time of auction bank committed any misrepresentation of fact.

5. In that event you have legal redress or if there is any wilful inaction on the part of the bank you can file writ petition.

 

Regards,

Anaita Vas

Kaushal Arora (Proprietor)     15 December 2021

Thanx for your kind suggetion...


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