Bank auction property bought - another bank claims to have the original property paper
We have recently bought a bank auction property.
Bank gave us all the Original Documents, We verified them and bought the property under SARFAESI ACT. Bank also assisted us in getting the property registered. The bank has also confirmed that there are no encumbrance pending on this property.
After 2 days we came to know that the same property is mortgaged with another bank, which we thought was not possible since we had the original documents, so we visited other bank branch which claimed to have the original documents as well.
When we saw the documents (they are not ready to share a copy of the documents) they also appear to be originals.
Since there cannot be to originals,
one scenario is that the other bank has fake documents and our is original.. i guess this is safe
Second Scenario, we have the fake document and other bank has original, what are the options we have in this case. Can we go back to the original bank and claim that they have cheated us with wrong documents.
Can the Second Bank use SARFAESI Act and auction again.
Scenario 3, Both the banks had fake documents and there are multiple other banks that may claim later.
Can any other bank use SARFAESI Act and auction again.
Since we have paid the required bid money and have registered the property. Do we have some rights as bone fide buyer.
Since the SARFARSI act has a provision os as is where is and as is what is .. will all these claims come to us or we can fight for the same with the original bank
Asked 4 years ago in Property Law
Thank you Everyone.
We have all the documents starting from the first owner.
@ Krishan Kishore Sir : We have the physical possession of the house provided to us by bank.
Also, we have the certified copies of all the chain documents, the details of certified copy and documents of chain of the documents are same but with some difference of signature in the two. What all details do we match in the documents we have and the certified documents that to check the genuineness.
Also, will the register verify the genuineness of the entire chain of the documents or only the last registry
What is our stake basis the purchase under SARFAESI Act.
Asked 4 years ago