Recovery certificate is pending in DRT&bank under sarfesi act kept house auction
2 years ago
Can I buy a house through bank auction under SARFEASI act published in news paper notification. Same bank filed a case in DRT for recovery and it is pending in DRT court and original documents are with court. Will i face any problem from DRT if i bid it.
A.Dear Sir,
Generally it is not advisable because in recent days so many issues are coming up if you purchase in E auction. Better purchase other properties after physical verification of records and the building etc.
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Generally it is not advisable because in recent days so many issues are coming up if you purchase in E auction. Better purchase other properties after physical verification of records and the building etc.
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A.If you are saying that the property belonged to you which is being auctioned then you cannot bid for the same but it belong to any body else then you are free to bid in the auction and no laws prevent you from doing so.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Legally there won't be any problem for buying. SARFESI Act allows banks and other financial institution to auction residential or commercial properties (of Defaulter) to recover loans. Since the case is pending in the court, it depends upon the status of case to know whether it is good or not.
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Legally there won't be any problem for buying. SARFESI Act allows banks and other financial institution to auction residential or commercial properties (of Defaulter) to recover loans. Since the case is pending in the court, it depends upon the status of case to know whether it is good or not.
Please rate my answer
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A.Hi,
The answer to your first question is YES, you can buy. But since the case is pending in DRT court, it depends upon the case status to predict whether it is good or not.
Please rate my answer
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The answer to your first question is YES, you can buy. But since the case is pending in DRT court, it depends upon the case status to predict whether it is good or not.
Please rate my answer
Thank You
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