File writ petition in HC against bank to set aside forfeiture notice
2) seek orders to direct bank to take physical possession of property
3) offer to deposit balance amount in court
4) in alternative seek refund of money paid by you
Discretionary power of bank under Sarfaesi Act
I have deposited 40 % of EMD in lieu of required 25% of auction amount and asked bank to clear off any state dues atatched to property and not disclosed in auction advertsemnt and also to take physical possession from borrower according to order of SDM court U/sec 14,but bank did not care for my request and given me notice to forfeit my EMD amount as 90 days time has passed. What is the remedy available to a purchaser when he feels cheated by bank towards not clearing state dues attached to property and not taking over physical possession of auctioned even after order of sdm court u/sec 14 to do so ? Whether purchaser is also under ambit of surfaesi act and not have any right?
Asked 3 years ago in Property Law
Religion: Hindu
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
6 Answers
You have an option to either approach DRT or high court seeking to set aside the forfeiture notice issued by bank.
You should express your willingness to complete the sale process provided the bank is willing to handover possession after receipt of balance of sale consideration amount.
Alternately you can demand refund of the amount paid by you to the bank
Dear client, Under Section 13(4), after the accounts are being declared as NPA and the representation of the borrower/guarantor is rejected, the secured creditor (i.e. bank or FI) can take recourse to any of the measures specified therein to recover its outstanding debt.
The purchaser has to approach the DRT for necessary remedy in the matter.
You can go against the bank before consumer court for deficiency in service
if the bank has threatened to forfeit your EMD, then you have to approach the DRT u/s 17 of SARFAESI Act
if the bank has not procured physical possession of the property then you can claim refund of your money by filing a writ petition in the HC [in case you do not wish to proceed with the deal]
