• Bank auctioned dubious property in SARFAESI Act

I have purchased a property from e-auction from SBI under SARFAESI Act.After one and half year others are claiming that property by showing the documents.By critical enquiry found that the fraudulent defaulter taken loan from total six plots by fabricating the documents.The bank(SBI) stopped auction for 4 plots after representing the owners nearby.The two plots owners are residing far away, so they did not represent. so the auction processes was completed.Being a highest bidder the bank Authorised officer issued sale certificate to me and subsequently registered in local SRO.

Iam requesting the banker either give fruitful possession of clear title or return my amount with interest.But SBI not responding.plz guide.what to do
Asked 4 years ago in Property Law
Religion: Hindu

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9 Answers

once sale certificate is issued by SBI and registered you have clear and marketable title to property 

 

2) it is bank responsibility to deliver possession of property to you 

 

3) if bank fails to do so file writ petition in HC in this regard to direct bank to deliver possession of flat to you or refund your money with interest 

Ajay Sethi
Advocate, Mumbai
94523 Answers
7486 Consultations

5.0 on 5.0

Once sold, bank will not support you in any way. As auctions conducts on "as in where in basis". You just enjoy you title and possession and agasint any forceful trespass, file FIR. Without court order, your title cannot be disputed.

Yogendra Singh Rajawat
Advocate, Jaipur
22596 Answers
31 Consultations

4.4 on 5.0

See in this case if the title it self is disputed you can file writ petition before high court for direction against the back to either give clear marketable title or for refund of amount.  As the documents are fabricated and fraudulently property is sold by bank also you can register a complaint against the bank too. Though at this stage approach high court for the fast relief. 

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

You can seek remedy against bank before consumer court as well as you can file criminal complaint before police

Prashant Nayak
Advocate, Mumbai
31807 Answers
176 Consultations

4.1 on 5.0

1. Have you received physical possession of the property purchased by you?

 

2. If no then file a Writ Petition against the Bank praying for a direction upon it to hand over physical possession to you or refund you the amount paid by you including the cost of registration and also legal costs.

 

3. If physical possession has already been handed over to you by the Bank then ask the actual owners to file the Writ Petition against the Bank making you also a party wherein you can claim refund of the amount you have spent with interest and cost, in case it is proved that the Bank has erred in selling the said property.

Krishna Kishore Ganguly
Advocate, Kolkata
27191 Answers
726 Consultations

5.0 on 5.0

You can file a suit for specific relief of delivering physical possession of property or to refund the auction bid amount towards sale consideration paid by you.

Before that you can issue a legal demand notice demanding the aid reliefs to bank through your lawyer, let them give a reply either accepting the demand or denying the same, you can proceed accordingly.

 

T Kalaiselvan
Advocate, Vellore
84724 Answers
2172 Consultations

5.0 on 5.0

You can file complaint before concern bank. If you are not satisfied with your bank's grievance redressal process you can lodge a complaint with the banking ombudsman or you can approach District consumer court .

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

You should file a suit against SBI to set aside the sale done through auction and refund of money along with compensation and interest.

You can also file a criminal case against bankers for fraudulent sale of property with fraud and forged documents.

Mohit Kapoor
Advocate, Rohtak
10687 Answers
7 Consultations

5.0 on 5.0

Dear Querist, 

I am telling you with the experience in dealing with the similar matters like this. The option you have at this stage is to file a suit for recovery of money alongwith the compensation for delaying, harassment due to fraud along with pendente lite interest in the money in the court. In these there are landmark and crucial judgments by Hon'ble Supreme court in which the rights of the bonfide auction purchaser was considered by the court. Apart from thata you should file a police complaint in the police station against the bank and the other persons for criminal misappropriation, falsification of accounts, cheating and other appropriate section of I.PC.  I would suggest you to consult me so that your case can be strongly represented before the court and before the police authorities.

 

Regards, 

YUGANSHU SHARMA 

ADVOCATE 

Yuganshu Sharma
Advocate, Delhi
433 Answers
1 Consultation

5.0 on 5.0

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