We are successful bidder of e-auctioned property and paid 25% of bidding amount. Later came to know it is under litigation. Borrower is in the possesion now. Yet we did not pay remaining 75%. My questions are 1.Is there any possibility to withdraw from buying it now getting full repayment? 2.Is it possible to ask the bank that remaining 75% will be paid once the property comes under bank's possession?
Ask a question and receive multiple answers in one hour.
Lawyers are available now to answer your questions.
1) you ought to have done due diligence before submitting your bid
2) what were terms and conditions of auction
3) if you do not make balance payment 25 per cent payment made by you would be forfeited
4) chances of getting refund are bleak
5) offer to make 75 per cent balance payment if bank is in position to deliver possession of property
Sir,
According to sarfaesi laws, bank can not e-auction the property (lets make check point at this point only) without taking possession from the court. It is illegal act by the bank. So, you may file criminal complaint against the bank for releasing the property on your name. You may also file recovery suit against the bank for the damages.
Thanks,
Adv.Niranjan,
mobile/whatsapp - .
1. You must visit the conditions of withdrawing/cancelling the biding after successful bidding, it the conditions impose deductions to certain percentage, you have no other alternative than to abide by it since you have already signed the papers agreeing for the conditions imposed in it.
2. You can very well inform the bank that you will pay the balance of bid amount on handing over physical possession. There is no compulsion on you to pay the balance amount if there is no possibility of physical possession by the bank in sight even after payment of full amount, hence you may withhold the same on this condition.
The bank cannot initiate any legal action on this.
