Risk of buying a property in bank auction if there is pending SA in DRT
4 years ago
Dear Sir,
I have purchased a property a week ago from a bank auction.In the auction notice, the bank clearly stated there is a pending SA in DRT filed by the borrower and sale is subject to the outcome of that SA.
I seek a legal opinion on following questions:
1. I have paid only 25 percent of the bid amount and liable to pay the remaining in next 10 days. Is it possible to delay the payment till the SA is dismissed?
2. How long it might take for the SA to be closed by the DRT? Also, if the borrower loses the case can he proceed to high court?
3. What are the other risks associated in buying such a property? And how can I mitigate?
Regards,
Krishna
A.Dear Sir,
In most cases such appeals preferred by the borrower will be dismissed in the interest of public funds. The second appeal may be disposed of within next 6-12 months. You need not panic.
PLEASE GIVE ME RATING AS RANK 5
In most cases such appeals preferred by the borrower will be dismissed in the interest of public funds. The second appeal may be disposed of within next 6-12 months. You need not panic.
PLEASE GIVE ME RATING AS RANK 5
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Devesh Tripathi
Responded 4 years ago
A.Sir/ Madam,
First of all you have taken risk despite of clear notice in notification that SA is pending.
you have deposited 25 percent amount but one thing is there that once DRT has not given stay on SA it means primarily even Hon'ble DRT did not find case fit to give stay ( if borrower has filed one u/s 17) . However , you can contact to the bank manager he must be having copy and ask him clearly the position and circumstances of case in general chances happen less once auction has taken place and party so far could not arrange to deposit .
First of all you have taken risk despite of clear notice in notification that SA is pending.
you have deposited 25 percent amount but one thing is there that once DRT has not given stay on SA it means primarily even Hon'ble DRT did not find case fit to give stay ( if borrower has filed one u/s 17) . However , you can contact to the bank manager he must be having copy and ask him clearly the position and circumstances of case in general chances happen less once auction has taken place and party so far could not arrange to deposit .
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