- As per Supreme Court, if a property owner fails to pay his dues to the bank , then the bank has the legal right to sell off his immovable property to recover losses.
- But, the task to recover the dues should be performed in a specific manner and Authorities/bank cannot resort to extreme measure.
- Further , if the defaulter wants to purchase that property after paying the entire dues of the bank , then the auction will stand cancelled, and he would be able to claim to the property again.
- Hence, you should approach the bank to purchase the auction property with the defalulter , and on refusal you should move an application before the auction ordering court i.e. DRT, for cancelling the auction and transfering the same to you .
- As per law , bank is bound to release the mortgage documents to the defaulter ,after taking the uptodate loan amount , and to handover the possession on behalf of defaulter to you.
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