bank has to return the money recovered in excess as land area is lesser than mentioned in auction notice
2) you should win the case as bank has specifically mentioned area to be more
Less physical possession than mentioned in bank sale certificate
We participated in an auction from bank and turned out to be highest bidder.we deposited the amount in bank as mentioned in auction for 0.08 decimel but when taking physical possession we found the land area to be 0.06 decimal.we have not registered the property yet.Should the bank return the money in proportion as the land area is less??If not can I go to court to get my money refunded?Any previous case like this and who won the case in court, bank or the bidder??
Asked 6 years ago in Property Law
Religion: Hindu
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9 Answers
Yes, bank is bound to refund the money in proportion. If not, file objection before Recovery Officer DRT concerned. No need to go for citation. Your case victory itself is a citation. Good luck.
Has bank declared in notice of auction, the area of property .08 but actual physical position is .06, if yes than in this situation can demand refund with interest.
Hello,
You may go ahead and file a suit against the bank and claim back the money that has been deposited by you of the area of the actual property is less than what is mentioned in the documents.
Regards
1. The onus of scrutiny & verifying the property contours & dimensions & documents are with the Auction Bidder and not with the Bank, who auctions the property on "as it is .... where it is basis". This would be reflected in the Auction Bidding documents too.
2. You can file for cancellation of the bidding, based on report of architect about the less area and the losses caused to you for the same.
Yes bank needs to refund you as the area is less. Proportionate deficit area amount should be refunded
you can personally represent this issue before bank.
alternate issue a legal notice to bank and file complaint before district consumer, court will issue direction to bank in this regard.
It was your fault for not verifying the physical features of the property before bidding for auction sale.
However you can issue a legal notice to the bank in this regard and demand for refund of the amount proportionately.
Failing to respond to yor notice, you may drag the bank to consumer forum for unfair trade practice as well as deficiency in service seeking relief and compensation.
- As per the information mentioned in the present query, makes it clear that you got the deal done in bank auction.
- i would like to inform you that when you go for na k auction there has been a formal advertisement of the same by the bank itself in which everything is mentioned.
- If the same is not the reality then it is the fault of the bank not yours.
- You should file a suit for the cancellation of deal and return the money with interest thereupon as the other side is at fault.