Surety property under bank auction

Hello Saravanan Thandavan, I acknowledge your question. As the legal heir of the property if you are willing to clear the settlement and stop the auction of bank then, the aggrieved person can file an appeal, under section 17 SARFAESI Act, before the Debt Recovery Tribunal. The Debt Recovery Tribunal shall give opportunity of hearing to both the parties and decide the matter within a period of sixty days. Then later you can make the payment of the dues etc then retrieve the property.

Legal heirs have more ownership rights over the rights or possession by the nominees or sureties. The same was also held in the case Shakti Yezdani v Jayanand Jayant Salgoankar, the court held that nomination does not override the law in relation to testamentary or intestate succession.

Since you are the legal heir of the property you can claim over it unless it is your father’s self-acquired property and there is no will with respect to the same.

You can read the below article for further information.

https://www.lawyersclubindia.com/articles/Procedure-of-Debt-recovery-Tribunal-9547.asp

I hope I have answered your question.

Have a good day.