Queries related to purchased bank auctioned property
I have purchased an independent three floor house built on two plots from a nationalized Bank in Rajasthan through E-Auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
The purchased building has an installed air conditioners, water heaters, generators etc. which was never indicated separately in any of the auction notice given by bank. In fact while inspection of the property; we were verbally informed that the entire items shall be part of the purchase. The auction notice had only one rate with a remark that property will be sold on "As is where is", "As is what is", and "Whatever there is" basis.
Upon payment of full amount, SALE CERTIFICATE was issued with a remark that the "THE PROPERTY HAS BEEN SOLD ON AS IS WHERE IS BASIS, AS IS WHAT IS BASIS AND WHATEVER THERE IS AVAILABLE BASIS”. Along with SALE CERTIFICATE also contained statement saying property has been delivered and handed over to the buyer.
After receiving the Sale Certificate we got the property registered in our name.
Later, we approached the Bank for the keys and were told that the materials inside the building like ACs, heaters, generators etc. are not included in the sale price. We were further informed that as per Sarfaesi act, these materials are to be sold separately. Further, bank informed that they have submitted an application at DRT (Debt Recovery Tribunal) for disposing off of these materials and awaiting response from DRT. Now, It has been a month, since bank is holding up our purchased property. On approaching Bank for possession they aren’t denying giving possession nor are they giving it. Based on above facts my queries are as below:
i) Do I have a legitimate rights on all the materials installed inside the property like ACs, heaters, generators etc. The sale certificate clearly says as the property is sold as “whatever there is available basis”
ii) As mentioned above, evidently SALE CERTIFICATE states that bank has given delivery and Possession of the property but in reality bank is holding and using it to maintain the materials which they say is not included in the auctioned price. Can I legally demand the possession of the property or claim compensation for the delay in possession.
iii) After we had paid the full amount, we came to know that property has pending electricity bill amounting Rs. 95,000. We approached the bank and the bank forwarded us some court judgments wherein in similar case, court has issued judgment in favour of the auction buyer. Bank advised us to approach court for relaxation against this pending electricity due. However, after I explored more, I came across other judgments wherein court has ruled against the purchaser in the auctioned property. I am bit confused about this. I need advice whether to approach court for relaxation in paying this pending dues or close it by paying it off. Electricity department is asking us to pay the amount in full.
Asked 2 years ago in Property Law
Religion: Hindu
