You should make balance payment of75 per cent
DRT has refused to grant any interim reliefs to borrower
at most seek extension of time to make payment
Line of action after SA has been filed by borrower
I have purchased a property from public sector bank in e auction and got sale confirmed by paying 25% of the auction amount.After this i came to know that borrower has filed SA against bank. In urgent hearing which occured after 2 days of sale confirmation DRT refused to stop auction as it has already taken place and fixed the next hearing date for respondant bank to file reply. Before this date i have to pay 75% remaining amount due to time limit constraint.What should be my line of action
Asked 7 years ago in Property Law
Religion: Hindu
10 Answers
1. Take information whether any order of stay has been passed by the court n this auction or not.
2. If not then pay the remaining balance and take the sale certificate.
3. once sale certificate is issued then only the sale would be confirmed.
4. If you do not make the payment in time as prescribed by the court you may not be allowed to complete the sale anymore.
You take a indemnity bond from the bank along with NOC to indemnify any losses in the same and pay the amount
show your conditional consent for 75% balance payment to the bank stating willing to make payment subject to the outcome of SA or you can also deposit balance payment cheque with a request to the bank to present the same after the outcome of SA.
Deposition granted to the bank of the said property will not stay bank has to file its reply in DRT however you need to pay the remaining amount as per the payment schedule in case you fail to pay the consideration amount to the bank and the entitlement of the properly may lapse as per the auction conditions.
Make payment of balance amount immediately.
The Jurisdictions of Civil Court has bean clearly barred under section 34 of the Act, stating that no Injunction shall be granted by any court or other authority In respect of any action taken or to be taken under Sarfaesi Act or the DRT Act.
Hello,
File an impleadment application before the DRT as you are the necessary party to the suit and obtain the order that you will be paying the remaining amount after the disposal of the said suit.
Regards
Sir you should pay the amount before the bank and can get property title from the bank. The SA shall be decided on the merits by DRT in case the SA succeeds then the bank need to refund complete amount to you. But there are chances that the DRT can reject SA also and in that condition you shall have the property.
The sale has already taken place
There is no stay order from the court
In absence of such stay you have to adhere to the terms of auction and pay the remaining balance as per the payment milestone stated in auction terms
You have to wait for the bank to react to the case filed against it.
If necessary you may file a petition to implead yourself as a necessary party to the case.
