Bank property auction - sale is pending due to case in high court
A property of 1.1 cr advertised in news paper against loan amount of Rs. 25 lakhs. we have participated in the bank auction on 19 Jan 2016 and became successful bidder and paid 25%of bid amount. Just before auction time a mail was sent by Bank mentioning sale procedure will depend on the pending case in Honorable a AP high court. We have not noticed the mail, participated in the auction and on successful highest bidder we have paid 25% of bid amount also near amount 38 lakhs.
when enquired after a week or so this issue came to light. On discussion with Bank manager, auction was not stalled and adived not to conclude sale. Bank has given letter mentioning that they will intimate when to pay balance 75% based on the case. 3 months passed case is not coming to first hearing.
Meanwhile borrower is periodically clearing loan amount even after auction and only 7 lakhs peding.
Property in a possession of borrower he is enjoying
Bank is also enjoying against 7 lakhs loan amount he got addition 38 lakhs intrest free
I am only suffering