Sarfaesi - bank auction property

What Objections you can take in respect of Basic Mortgage Deed.
 

Law is LOGIC nothing but arguments . Just like an onion go on pealing and pealing. That is why law is written but still advocates are many and not with similar results.

It is because law  and legal system depends on the basic fault that everything can not be reduced in written words.

Mr.Lakshmi Narayan, I'm sorry to say that you are not even aware of the provisions of the SARFAESI Act. Section 14 of the SARFAESI Act which empowers the CMM/DM to assist the secured creditor in taking possession of the secured asset is available right from the enactment of the SARFAESI Act. I request you to go through section 13(1) of the Act. I would also like to reproduce the contents of the same provision "Notwithstanding anything contained in section 69 of section 69A of the Transfer of Property Act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor in accordance with the provsions of the Act." This section is unamended and is still available.

If the secured creditor is not in a position to take possession of the property, then he can approach the Chief Metropolitan Magistrate or District Magistrate to assit secured creditor in taking possession of secured asset under section 14 of the SARFAESI Act.

2) This is only for possession thereafter the property holder can raise host of objections. name;y the authorities did no apply its mind properly for attachment order.attachment was no legal and so on.

It is funny to see that the property holder can can raise host of objections on the ground that the authorities have not applied property for attachment order. For your kind information, the word attachment has never been used in the entire SARFAESI Act.

3) We are contesting a case where the DM did not do the panchnama and did not make a seizure list which is specifically detailed in SARFESI ACT rules and hence there is prolongled litigation delaying possession by any body.

I'm not sure in which country you are. The DM never does the Panchanama. For your kind information, as per the amended provisions of the SARFAESI Act, the District Magistrate may authorise any officer sub-ordinate to him to take possession of the secured asset.

Section 14 (1A) - The District Magistrate or the Cheif Metropolitan Magistrate may authorise any officer sub-ordinate to him,-

i) to take possession of such assets and documents relating thereto: and

ii) to forward such asssets abd documents to the secured creditor

4) In host of other cases we have challanged the basic mortage deed and hence thea  SARFESI ACT is not applicable.Now it will be DRT, DART , HIGH COURT THAN EVEN SUPREME COURT. Till that time no body will get possession.

I wonder whether you are really a designated Senior Advocate or just misusing the word Sr.Advocate to misguide the public to fall a prey to you.

Let us not misguide the people who seek advice from us.

Mr.Lakshmi Narayan, I'm sorry to say that you are not even aware of the provisions of the SARFAESI Act. Section 14 of the SARFAESI Act which empowers the CMM/DM to assist the secured creditor in taking possession of the secured asset is available right from the enactment of the SARFAESI Act. I request you to go through section 13(1) of the Act. I would also like to reproduce the contents of the same provision "Notwithstanding anything contained in section 69 of section 69A of the Transfer of Property Act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor in accordance with the provsions of the Act." This section is unamended and is still available.

If the secured creditor is not in a position to take possession of the property, then he can approach the Chief Metropolitan Magistrate or District Magistrate to assit secured creditor in taking possession of secured asset under section 14 of the SARFAESI Act.

2) This is only for possession thereafter the property holder can raise host of objections. name;y the authorities did no apply its mind properly for attachment order.attachment was no legal and so on.

It is funny to see that the property holder can can raise host of objections on the ground that the authorities have not applied property for attachment order. For your kind information, the word attachment has never been used in the entire SARFAESI Act.

3) We are contesting a case where the DM did not do the panchnama and did not make a seizure list which is specifically detailed in SARFESI ACT rules and hence there is prolongled litigation delaying possession by any body.

I'm not sure in which country you are. The DM never does the Panchanama. For your kind information, as per the amended provisions of the SARFAESI Act, the District Magistrate may authorise any officer sub-ordinate to him to take possession of the secured asset.

Section 14 (1A) - The District Magistrate or the Cheif Metropolitan Magistrate may authorise any officer sub-ordinate to him,-

i) to take possession of such assets and documents relating thereto: and

ii) to forward such asssets abd documents to the secured creditor

4) In host of other cases we have challanged the basic mortage deed and hence thea  SARFESI ACT is not applicable.Now it will be DRT, DART , HIGH COURT THAN EVEN SUPREME COURT. Till that time no body will get possession.

I wonder whether you are really a designated Senior Advocate or just misusing the word Sr.Advocate to misguide the public to fall a prey to you.

Let us not misguide the people who seek advice from us.

You are writting lengthy replies just reading books never attended any court.

You are welcome to attend actual court cases where we are dealing with such matters.

Bank can not sale the property after taking possession over property, permission of sale is neccessary essential part only after taken permission of sale from competent court property can be sale.

Regards

Jaspal S Maini(Adv)

9999987283

Originally posted by : VIRAJ KADAM
	Dear Friend You need to know if the original owner/borrower has challenged the auction. Secondly, you need to know if the Court has granted any stay in his favour. If there is no stay of the auction then you can pay the balance amount to the bank. If there is stay then join yourself as the party to the pending proceedings and get the order from the Court. Regards VIRAJ KADAM Advocate

I think Caveat application can be filed.

Hello,

I am participating in Bank e-Auction for the first time. But the property I want to buy that has symbolic possession. I have few question please suggest me.

1. If i buy the property which have the symbolic possession,  So will the bank help me get physical possession?

2. If  i won the biding  process and i paid full amount in 15 days.  If after 15 days the bank defaulter whose property is sold at the auction comes into the bank and says that he will pay all the loan amount. So who will occupy the property? Me or the Bank defaulter?

Please suggest me what the precaution should i take before the participation?

Since the last 2-3 years, I have been having ulcers and gastric reflux disease due to which I haven't been able to eat and working full time ended up becoming like an impossible task. I eventually decided to take a break from work and recuperate. In the meantime, my mother developed oral cancer and that led to enormous expenses that we were unable to bear with. Therefore I could no longer pay my EMIs and literally sold off every bit of gold etc to pay for her treatment. After barely 3 months, she was diagnosed with breast cancer. 
The point is this has been going on since two years and my home lown with HDfC Limited went into NPA and I didn't have the money to travel to Delhi and deal with them and hence asked a friend to move my belongings from that house as I had given the keys to him. The debt recovery team of HDFC with the help of police had broken into the house in March 2024 and auctioned the property in May 2024. Nearly 30% extra sum was received in June 2024. I was so stressed with all this medical issues going on that I didn't even see that I was sent a notification about the auction via email. I didn't even know how much was received or anything except that there were enough funds to fully cover the whole loan and top ups. In November someone sent me an email stating they received so and so sum which was 6 lakh above the outstanding loan. Ever since I have been emailing them to refund the excess. But they have only been saying that they sent my request to "accounts" and to "wait patiently". 
Doesn't the lender know that the very act they used to deprive me of my property also states that their action will turn illegal if the excess has not been refunded? I can see from the loan statements that the foreclosure was done in June itself right after the auction. That means they received the funds from the buyer in June which is 7 months ago. Customer care email nor grievance email is being answered properly because they don't know what this gang of recovery personnel of HDFC had done. 
I am totally totally bankrupt and my mother is still in need of medical help and frequent seroma drainage procedures. I can't go to Delhi again. I for that matter can't even book a uber to the nearest branch for that matter. Will raising a complaint with RBI Ombudsman help? 
The status quo of the current auction stands illegal as of now without refunding excess funds. What kind of penalties are imposed on the lender in such situations? 

It appears that the bank is in a hurry to obtain payment of balance 75% from you. The bank within its right to demand the payment strictly as per the terms of the sale notice issued in newspapers and as per the terms and conditions of the tender document.

The mere fact that the borrower has filed a case in the court does not permit the bank to hasten  the balance payment immediately. The threat of forfeiture is also not as per law . You may advise the Bank to adhere to the timelines  mentioned in the sale notice.