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Bank unable to give possession of property purchased from them


05-Dec-2023 (In Banking / Finance Law)
I purchased a property in a bank auction under SARFAESI law. Paid the complete amount but bank has not been able to give possession yet. Whole amount is with the bank. What are my options?
Answers (3)

Answer #1
600 votes
Hi

I'm this case you can approach DRT for the relief

You can proceed for SA our MA depending upon facts regarding your case

You may contact us with proper facts of your case so that we can advice you better
Answer #2
829 votes
Dear sir, bank is not able to give possession that means there is stay from drt, this is one possibility. You can appear in drt and apply to vacate stay. Other possibility is that bank does not have possession of property.
In both cases you need to consult lawyers specialist in securitisation matters.
Answer #3
851 votes
Whether the property is in possession of someone else? Depending on the terms of your tender document, if it states "As is Where is Basis" and the property is possessed by someone else, then it will be your responsibility to take appropriate action to vacate the premises and not of Bank. Hence, need to verify the tender documents in detail and the factual status of the property.

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