Hello sir,
please advise me. on 5 march 2010 i bought a house on auction (it was second auction call for the said property in a year)from authorized officer under SARFAESI ACT being the lone highest bidder and my price being over reserve price . My bid was accepted & i was given a letter asking me to deposit 25% of sale price on the same day & remaining 75% in next 15days i.e. by 20/3/2010.The letter had conditions of sale one of which stating “ bank reserves the right to cancel the sale without assigning any reason what so ever, before the purchaser has deposited the balance 75% of sale price” i deposited the remaining amount on 12/3/2010 about 8 days before bank’s time limit & gave application to the bank for releasing sale certificate as per SARFAESI ACT but bank didn’t give sale certificate when i gave them another application for the same on 29/3/2010 no sale certificate was given instead on 31 march i received a cancellation letter dated 27 march with a pay order for full money deposited by me dated 25 march the bank has cancelled the auction even after my fulfilling all the conditions of sale within the time limit. The cancellation letter has come 18 days after full money deposition and 10 days after the time limit given to me. the cancellation letter says ““the above bid was subject to the condition of right of cancelling /rejecting the bid/offer at any stage the bank has decided/the authority has decided not to sell the property”” the bank has arbitrarily cancelled the sale against its own condition/clause of sale as stated in the letter given on the day of auction after my bid was accepted what should i do to get the sale certificate n the possession of property. Please advice..... Also can I approach DRT and file writ petition simultaneously? Please advice. Thanks so much for your attention n time....
