Property purchased in court auction year 2006. Opponents are raising a question that the rate was meager rate when compare with market rate. DHR mentioned RATE is more when compare with Court Amina RAte. Any supreme court guide lines for arrive the rate in court auction
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The sale certificate after your purchase to be issued by the court becomes final , unless an until it is set aside by the court.
The mere fact of auction price being lesser than circle rate is not enough to set aside the sale.
If the actual owner initiates legal proceeding to declare the auction null and void , you will have an opportunity to pu up your defence.
The standard rate is mentioned later the rate decided in auction is final
You purchased the property through court auction and hence there is no need to interact with the original owner of the property. If they have any grievances they should talk to the bank/court.
There must have been valuation report which fixed the reserve price
If property was sold above reserve price defendants for not have any case
after period of 14 years defendants do not have case that property was sold at low rate
1. IF property was auctioned under provisions of SARFESIA, THEN there is no legal question of any comparison of market rate or circle rate or any other rate, more so since the authority is solely vested under SARFESIA to fix and determine the minimum auction rate and it is legally binding on all parties concerned and no objection whatsoever can be raised.
If at all the opposite party is aggrieved over the court decision, they can very well prefer an appeal against it.
Let them approach court for relief directly and not you, you may not entertain any request or dictates from the opposite party.
Based on the Valuation Report the Court will fix the "RESERVE PRICE - RP"
If the said property is sold above the RP then, the sale is perfect.
Just check the veracity of statement of DHR.
If the DHR raises issue after lapse of around 14 years it will be effected by Limitation.
Sale certificate issued by Court is final unless it is SET ASIDE by the Court.
Ram Kishun & Others vs State of UP & Others decided on 24.05.12 by Supreme Court of India.
This is the Supreme court judgement on Property valuation, sale, Auction and Disposal.
CASES REFERRED:
S.C. 1589.
(S.C.).
2009 (81) A.LC. 50 (S.C.).
Product (Gujarat) Ltd., (2008) 9 S.C.~C. 299.
S.C.C.440.
2006 matter, what objection raising now. No use.
The reserve price of the property is to be fixed with reference to fair market value of the property and for obtaining the fair market value of the property, valuation report is prepared by valuer.
Well law is in absence of valuation report and reserve price, the auction-sale becomes only a pretence.
