regarding possession of Auction Property
2 months ago
how to take get out of barrower stay notice after auction completion
A.Dear Client,
To address your query effectively, it is important to provide more details. A Registered Auction notice, accompanied by acknowledgment due, should be served to identified borrowers, allowing a 14-day notice period. This ensures that borrowers have sufficient time and opportunity for redemption, minimizing the need for auction sales. The Debt Recovery Tribunal (DRT), functioning as a quasi-judicial body in SARFAESI-related matters, plays a pivotal role. If you receive an auction notice, you can approach the DRT to request a stay order on possession. If the DRT finds merit in your case, they may grant a stay order, preventing the bank from taking symbolic possession. It's worth noting that banks typically proceed with property auctions after obtaining physical possession, but in some cases, auctions may be initiated based on symbolic possession as well.
To address your query effectively, it is important to provide more details. A Registered Auction notice, accompanied by acknowledgment due, should be served to identified borrowers, allowing a 14-day notice period. This ensures that borrowers have sufficient time and opportunity for redemption, minimizing the need for auction sales. The Debt Recovery Tribunal (DRT), functioning as a quasi-judicial body in SARFAESI-related matters, plays a pivotal role. If you receive an auction notice, you can approach the DRT to request a stay order on possession. If the DRT finds merit in your case, they may grant a stay order, preventing the bank from taking symbolic possession. It's worth noting that banks typically proceed with property auctions after obtaining physical possession, but in some cases, auctions may be initiated based on symbolic possession as well.
Helpful
Helpful
Share
A.Dear Client,
Your query requires more details to address properly. A Registered Auction notice with acknowledgment due shall be served to all such identified borrowers giving a 14-day notice period to ensure that sufficient time and opportunity are given to the borrower for redemption and to avoid auction sale. The Debt Recovery Tribunal is a quasi-judicial body that handles SARFAESI-related matters. You can also approach the DRT on receipt of the auction notice seeking a stay order on the possession. If the DRT is satisfied with your case, they may grant a stay order, preventing the bank from taking symbolic possession. Banks generally put properties for auction only after taking physical possession. but sometimes properties are put up for auction on Symbolic possession also,
Your query requires more details to address properly. A Registered Auction notice with acknowledgment due shall be served to all such identified borrowers giving a 14-day notice period to ensure that sufficient time and opportunity are given to the borrower for redemption and to avoid auction sale. The Debt Recovery Tribunal is a quasi-judicial body that handles SARFAESI-related matters. You can also approach the DRT on receipt of the auction notice seeking a stay order on the possession. If the DRT is satisfied with your case, they may grant a stay order, preventing the bank from taking symbolic possession. Banks generally put properties for auction only after taking physical possession. but sometimes properties are put up for auction on Symbolic possession also,
Helpful
Helpful
Share
Read Related Answers
I am an obc category at central level
Dear Client,
Yes, you can apply for a caste certificate based on your OBC (Other Backward Class) category status even if you were not issued one by your parents before marriage. Your marital status,...
Water wastage complaint
Dear Client,
In the given scenario, simply make a written complaint with video clips about the waste of water negligently and intentionally by your neighbor to the concerned Municipal Authority to fac...
CCTV on common staircase
Dear sir,
You may approach High court summary and immediate relief in respect of alleged criminal case. You may also get an order against your neighbor to remove such CCTV which is installed above you...
Neighbour trouble
Dear Client,
Experiencing verbal abuse and false accusations from neighbors can be distressing and disruptive to your daily life. It's essential to address this situation calmly and effectively. Fir...
Neighbour trouble
Dear Client,
In the prevailing situation and also in the absence of any registered housing society in the housing complex, the following steps may be opted to resolve the matter out of Court - 1) Ther...
Read Blogs on Civil
Civil Lawyers
Find Lawyers by Location
