How safe is the Property Purchased from a Bank Auction.
How are you?? I've your contact details from google. Thought of seeking some legal advice from you.
My Name is Pavan from Hyderabad. We have purchased a Auctioned Property 1.8 years ago from a leading bank. We now have all the documents & ownership transferred. Issue now is the previous owner was Absconding(Willful Defaulter) even before the Property was put for Auction and bank has taken the property in Tribunal act/sarfaesi act.
We were unaware of the facts of the previous owner and neither bank too as he was absonding. Recently we received a Court notice for attachment(Civil Case) on the name of Previous Owner asking him appear in the court or there will be an attachment on his properties. He was in to a pharma business and other party is a company who put a case on him to refund the money. We are seriously worried now if there could be any attachment on our property, Kindly suggest how do we deal with the situation. Is our property safe?? Do we have to respond to the court notice although its not on our name. Should we inform the court that this property does not belong to him anymore and therefore they do not include this property against the attachment. OR Should we just ignore everything and move on normally.
Awaiting for your Valuable suggestions.