Bought a mortgaged land which bank wants to sell what can i do

836 votes

You have to file an application before the conceded debt recovery tribunal where proceedings are pending, I plead yourself as a party, bring all this to the notice of the court and ask for a stay of the sale.

Advocate Angad Mehta LawRato

855 votes

I fail to understand how you could purchase the land without verifying the documents. The original land deed must be with the bank. Without it, how could you purchase.
Anyway talk and discuss with the previous land owner and ask him to return back the money. If he does not, then you can file a FIR against him.

Advocate Ramesh Agarwal LawRato

855 votes

Dear Sir,
SInce the property has been mortgaged to a bank the bank must have proceeded against the said property under SERFAESI Act. the remedy that is can be availed by you is to approach the DRT (Debt Recovery Tribunal) and file OA against the action of the bank. Also, you need to certify whether the original documents are with you or the bank. so amicable remedy is to approach DRT.

Advocate Pratyush Parimal LawRato

916 votes

Bank has stronger better rights over property than you. You can just ask for premptive rights over this property, and if Court thinks fit, can give you premptive rights in limited time, wherein if you clear their account and get absolute right. And if you fail the. Property is in open auction. This is all arbitration if banks agree so.

Advocate Lata Lochav LawRato