• Property purchased under Sarfaesi Act

For the purpose of registration of Sale Certificate, is the presence of Recovery Officer (who issued Sale Certificate)/ or anyone from the bank is necessary? Can registrar register the property without insisting the presence of representative of bank in the office of registrar?
Asked 6 years ago in Property Law
Religion: Hindu

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10 Answers

The bank officer has to be present

Otherwise who will admit the signature on behalf of bank?

Yusuf Rampurawala
Advocate, Mumbai
7899 Answers
79 Consultations

1. Presence of bank officials who have taken the possession of property under SURFAESI act is necessary for registration of property auctioned under this act. 

2. No registrar will not register the property without presence of both parties of transaction.

Mohit Kapoor
Advocate, Rohtak
10686 Answers
7 Consultations

The bank is the seller hence the bank has to be represented by its authorised officer to execute the registered sale deed in favor of the buyer.

The buyer cannot execute the registered sale deed in his favor  by himself.

 

T Kalaiselvan
Advocate, Vellore
89989 Answers
2494 Consultations

Concerned officer from bank need to be present before sub registrar for same.

Shubham Jhajharia
Advocate, Ahmedabad
25513 Answers
179 Consultations

You may require bank authorised officer for the same. 

Prashant Nayak
Advocate, Mumbai
34522 Answers
249 Consultations

For registration of property registrar would insist on presence of representative from registrar office 

Ajay Sethi
Advocate, Mumbai
99787 Answers
8147 Consultations

1. Though "Sale Certificate" under "Sarfaesi Act," is Final & Conclusive, the Recovery office (or authorized officer) MUST be present for registration of Sale Certificate, to prove that there is no further dispute or pending appeal proceedings against the property auction.

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

13 of SARFAESI and Rule 8 & 9 of Security Interest (Enforcement) Rules before conducting a valid sale. The bank will issue sale certificate in favour of the buyer and the defaulter have to confirm the same

Mohammed Mujeeb
Advocate, Hyderabad
19325 Answers
32 Consultations

NO, it will register on the basis of sale certificate issued by bank. Rest get it clarified from bank, who will represent the bank for registration of sale deed, in case required by Sub registrar.

Yogendra Singh Rajawat
Advocate, Jaipur
23082 Answers
31 Consultations

Registration of sale certificate under SARFAESI act is not compulsory.

But you must pay stamp duty. If you pay the registration charges registrar will register it. No bank people need to be present in the registration office for it.

Kallol Majumdar
Advocate, Kolkata
2837 Answers
14 Consultations

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