Bank returned my auction sale deposits without interstate after 1 month
8 months ago
I had participated a DRT auction and had paid my full amount of the sale letter to the bank as mentioned. Now due to some miscommunication issues with Bank and DRT officer , the DRT had cancelled the sale citing no intimation and bank is now returning my investment but are not paying me interest as well as compensation for holding my money for 1 month even after knowing the sale got cancelled by DRT
A.Dear Client,
In the absence of any specific stipulation in the sale letter specifying that on cancellation of the auction sale by DRT, the Bank will return/refund the bid money with interest to the Auction Bidder/Purchaser within the specified period and failing which Bank shall pay interest for delay in processing the refundable bid money to the Bidder, your claim for interest on the bid money deposited by you against auction sale that refunded after a month by the Bank without interest is not maintainable. You may however escalate your grievance before the Bank claiming interest on the delayed refund of the deposited money on the grounds of delay that amounted to deficiency in service.
In the absence of any specific stipulation in the sale letter specifying that on cancellation of the auction sale by DRT, the Bank will return/refund the bid money with interest to the Auction Bidder/Purchaser within the specified period and failing which Bank shall pay interest for delay in processing the refundable bid money to the Bidder, your claim for interest on the bid money deposited by you against auction sale that refunded after a month by the Bank without interest is not maintainable. You may however escalate your grievance before the Bank claiming interest on the delayed refund of the deposited money on the grounds of delay that amounted to deficiency in service.
Helpful
Helpful
Share
Read Related Answers
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
For bank loan
Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
Bankruptcy and Debt
Dear sir,
You may join any reputed NGO and render your personal service where you can get at least free accommodation and boarding.
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location