1. Banks need to pay if the said auction is not postponed.
2. If not paid you can approach consumer court for refund.
How to get refund 25% emd amount from bank
I have participated in bank e auction in bank. I paid rest amount to make it 25%of sale price on 6 month back. DRT and high court case pending still now... hence bankers not confirmed sale of property...I am also waiting last 6 month... but now corona virus issues total business loss and company closed for lockdown issues....in this extraordinary suffering situation I could not purchase that property... I send requisition letter give to bank for refund emd amount...but bankers court case are pending and never give emd refund....Please guide me can I get refund emd amount. 1.Bank not confirm in writing that Sale will be in my name . Confirmation of Sale not done yet. 2. High court and DRT case still pending 3. We are waiting last 6 month for to purchase property 4. Now we are business loss and suffering situation for corona virus issues 5. We could not purchase property in future and can't wait. 6. How to get refund emd amount
Asked 4 years ago in Property Law
Religion: Hindu
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15 Answers
File intervenor application in DRT to direct bank to refund your money as sale has not been completed for 6 months due to pending litigation
Well there must have been a time period for transfer and registration of the property. If not then too a reasonable period has passed. Therefore go ahead and serve them a legal notice and make yourself a party in the ongoing case in drt as a necessary party.
Ask for an expeditious disposal of the case or refund.
I am the highest bidder on that auction.. loan borrower (property owner) file the case DRT and high court... DRT gave 2 month time 15% + 15% amount to pay conditions not obey and after that with in 1 month duration time they are go to high court..... high court to give 3 month time and give direction to DRT.... 1 month time remaining now.... we are almost waiting to purchase last 6 month.... we couldn't purchase property for corona issues and total business loss... never purchase property in future and extraordinary suffering condition.... how to get refund 25% emd amount
Asked 4 years ago
If borrower fails to make payment with one month then sale would be confirmed .
in event you back out your earnest money would be forfeited
Wait for the time that has been given by the drt and the high court. After that sue the bank for the amount along with the interest.
1. Once you participate in auction you can't get refund the money if you turn out to be successful bidder.
2. If your bid is turned down then you can automatically get refund of money.
3. Now if you can't proceed with the completion of sale further then you can refuse to make further payment in which event refund of money would depend on discretion of court.
You issue a legal demand notice to the bank intimating your decision to cancel the deal for the reasons cited by you.
You can draft a legal notice intelligently by putting the entire blames on the bank and give the reasons one by one and seek refund of the EMD.
If ther is no proper reply or response then you may resort to legal action for recovery of money through civil court or consumer forum.
If the high court has stayed the matter then you cannot do anything about it.
You may have to wait for the stipulated time as provided by high court.
The corona problem is global and not particularly to you alone.
The bank or court will not listen to this reason i.e., corona and business loss, since you are the highest bidder you may have to wait for the bank to execute the sale deed after the expiration of the stay period and the borrower is not able to comply with the court imposed conditions.
You may wait until the court reopens for taking further steps on this
Dear Sir,
You are suggested to write an humble but firm letter/application to bank for mentioning all the issues and ask for refund of your amount. And if not refunded by bank, file the suit for the said refund. But, it is also necessary to mention here that due to the present corona pandemic everything at halt (stopped), court's regular hearings are also not taking place and in this situation, wait and watch (till the things are normal) will be the better option.
Hi
You can demand the refund of the amount on the basis of the clause of "Force Majeure"
this global pandemic have done heavy loses to many and the clause of force majeure will be helpful.
Thanks
you are not barred to go to consumer court in above conditions on the ground of delay and refund of EMD after the present condition of corona
First of all dont mention your inability to make payment.
Was you aware of court case and stay on property ?
If not than send legal notice to bank for refund with interest.
Bank is duty bound to execute sale deed just after successful auction. Also if sale deed not execute within 4 months of purchase, penalty will impose while registration of sale deed.
1. You should send a legal notice to bank that they didn't disclose that litigation was pending on the property which was auctioned by bank and on this ground they should refund the money payed as EMD along with interest.
2. If they refuse to refund the money then you should file recovery suit against bank.
3. But if High court have given time to borrower for payment of loan then you should wait till the time limit is over.
4. You can get loan from bank to make remaining payment if you dont have money to buy the property due to current situation.
You can file writ petition in HC to direct bank to return emd amount along with interest.
Upon reopen of courts i.e., after corona virus etc., you can make an application to DRT seeking direction to refund of money deposited by you stating that, since more than 6 months have lapsed and Bank did not confirm the sale.
There are two situations if the loan borrower (property owner) fails to repay the loan amount the auction sale in your favour will be confirmed.
In case if you drop / withdraw, bank will forfeit the EMD paid by you. It is advisable to wait and rely on the representation / application to be made by you before DRT due to day caused by Bank in conforming the sale.
