In continuation with my earlier query on Auction purchaser's right : https://www.kaanoon.com/250501/auction-purchaser-s-rights As per recent development in this case, Bank is in mood of accepting the OTS and DRAT is also in favour of Borrower. Now, Bank asking me to give a quantifiable amount as part of interest on 25% amount, which is still deposited with bank, which they can claim from borrower in process of accepting OTS. 1) What’s maximum interest amount I could claim , Please reply with previous proceedings (and as per your experience) handling OTS cases. * any reference of historical orders are needed * 2) In addition to Interest , can I claim damages to Bank directly ? Or ,do I have to approach court for that. 3) Out of the blue, I just came to know that borrower has made me a party in one of their case against Bank, filed by borrower which was initiated in 2011. I have not received any notice yet, and I have bout auction in March 2012. How could they make me party ? 4) In case Bank/Court doesn’t agree on my interest claim , how should I put up my case in DRAT? Can I simply be present and record my attendance and seek time to engage my lawyer ? Or shall I only submit notice to Bank ? 5) Can bank settle my claimed amount , before recovering 100% OTS amount from borrower ? Because it seems bank is in favour of providing approx 90 days time to get all OTS money. Which may get delayed as borrower knows all methods to further delay this case. And I have a strong objection for that.
13 answers received from multiple lawyers
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You can claim interest at 9 per cent per annum
2) you have to approach court for damages
3) since you are auction purchaser you are necessary party to proceedings
4) engage a lawyer and claim interest etc
5) bank may not settle unless it received full amount from borrower
It depends on your discretion. You need to draw a balance in case of interest rate.
Yes you can but depends drat will grant. But consumer court may grant you.
Let them serve you summons of the case
You need to first appoint a lawyer and then proceed.
You can object to that.
1. The maximum interest you can claim would be at the rate of 24% per annum and not beyond that, however the bank may not give you more than 8 to 12% interest per annum.
2. The bank may not give damages even if you claim, you may have to approach consumer forum only for this.
3. First confirm if you have been impleaded as a party and if so when, because the suit was initiated in the year 2011 and you have bought this during the year 2012, may be he filed an implead petition after you have entered into the scene as a bidder to the auction sale.
4. You may have to file a petition in this regard and cannot claim anything orally before court.
Let the court reject or dismiss your application, you can prefer an appeal against the aggrieved judgment before the appellate court.
5. The bank may wait for the borrower to deposit the OTS amount to the bank after which once the loan has been fully discharged by the borrower it may take up your case provided you remind the bank about it later on.
1. The max interest you can claim is 18% but bank will give you interest as per bank rate which was at time of deal when you purchased the property.
2. You have to file suit for claiming compensation for loss of opportunities.
3. He could have inserted your name as party after the auction through amedment of plaint.
4. Yes bank can settle your amount before borrower clear his loan with bank.
6 to 9%.
You can ask for compensation but bank will not give. Have to get direction from court. You may have made party after auction.
Notice must have issued or not duly delivered to you. And you must be going ex parte. Have to file application in court to set aside ex parte and than submit your case.
Do now as not case is in your notice.
Bank will first recover it`s money. so better demand your amount first as bank is in process of settlement with borrower and auction will not complete.
1) If borrower is ready to settle his dues with Bank , on a special OTS scheme ( merely 60% of bank’s principal 8 years ago) . Can’t we challenge this favor? In this way, all borrowers would drag a case for 8 years and come out of it by paying , not even full principal. 2) Is it possible for bank to settle the matter with borrower, without my NOC ? 3) Interest amount Claim will be calculated as "Compounding interest" OR "Simple interest" ? 4) Can court forfeit my deposited 25% money , Since banks advocate claims that there was one instance in 2017 (which I am not aware of ) ,when I should have deposited 75% of money to bank. 5) Can I show , phone call recordings as a proof ? what all Bank was communicating to me ? 6) In fact bank has not told/communicated/email/written-letter to me to deposit the 75% money to Bank anytime. 7) Since bank has kept me in confidence that they will get the property and give it to me (unfortunately verbally) I didn’t get involved in this matter. 8) What is the way , I shall get the property ? Can I counter offer say, Auction_amount+Extra_amount to Bank / Court to get the property?
If bank does not have any collateral security it would settle for principal amount or lesser amount
2) bank can settle without your NOC
3) simple interest amount would be calculated
4) if you have failed to make payment on time as per terms and conditions of auction bank can forfeit earnest money
5) you can submit counter offer
6) your case should be never called upon to make balance payment
1 yes you can
2. No
3. Simple
4. Depends on courts discretion
5. You need to provide 65b certificate under evidence Act.
6. Ok then you point out the same
7. You need to establish the same before court
8. You can try the same
1. The bank's decision to accept the OTS should not make any adverse impact to the conditions agreed by you.
2. Hence there may be no necessity to obtain permission or NOC from you.
3. Simple interest.
4. Court cannot forfeit the deposit amount for no reason.
5. To whom and when?
6. Now that is not the matter of dispute.
7. That is your problem because you did not follow it up.
8. Discuss with your advocate before taking any hasty steps in this regard.
Can only claim your ownership but cannot question OTS.
Yes, you can claim refund with interest from bank.
simple interest.
No,
don`t deposit 75%
Don`t rely on bank.
Once OTS done, borrower will get property.
In worst case , 1. )If Sale is set aside ( due to a negligence from banks side while conducting this auction ) Can I challenge this decision as a Auction purchaser since I found bank-borrower were deliberately dragging this case ? 2.) I came to know in the court room , as per roznama it's been derived that there is No Stay on this property after 2017 . But Bank has not taken any further action to get physical possession of this property & also have not informed me about the same, or demanded 75% of the pending money. Can I raise these point as a suspecious behaviour of Bank & borrower? 3 ) Similar to #2 , in Nov-2014 , Status Quo was vacated by Hon High court, but bank has not taken any action till Feb-2015, almost 3 months they didn't informed me or asked me to submit the 75% of pending money and provided 3 months time for borrower to secure the stay again. 4 ) Again bank is not transparant with me and have "It's Okay" kind of behaviour , even if the sale is been set aside. 5) Since this matter is in DRAT currently , What's option do I have to file case against Bank. In Consumer court / DRT / DRAT / Highcourt ?.
1. If the sale is set aside and you are aggrieved over the said decision you can prefer an appeal agaisnt this venting your grievances and also on the grounds that you rely upon.
2. You are at your liberty to make a mention about this in this manner if you still have an opportunity.
3. Same answer.
4. Have you notified the bank about this deficiency in service in writing and do you have a copy of the complaint to the bank and the reply they gave for this, if so then you can approach the consumer forum if you are not satisfied or aggrieved by their reply.
5. Approaching consumer forum is for deficiency ion service and the matte before DRAT is on different subject, hence you may discuss with your advocate and proceed as per the advise received.
you are at liberty to file appeal against order setting aside sale
2) you can take the plea that there is collusion between bank and borrower
3) you should appear before DRAT and draw attention of court to collusion between bank and borrower
Instead implead yourself as party in the case. Person who is not party to a decree or order may, with the leave of Court, prefer an appeal.
Better file suit of specific performance against bank. Bank only concern is to recover loan, no matter who suffers.
1. Yes
2. Yes
3. It's their issue
4. Let them take their course of action
5. Yes consumer court will be good option