Purchase of Auctioned Property and refund of remitted amount


I participated in the auction of an apartment conducted by C Bank , under SARFAESI ACT 2002, on 12th October 17 and as per terms and conditions, I remitted Rs 13.75 lacs (i.e., 25% of the Bid Amount of Rs 55.00 lacs) and the remaining amount has to be remitted on or before 30th November 2017. Since the Bank has not fulfilled to one of the clauses, in the Auction Sale notice, of showing the said property to me I did not remit the remaining amount. Further, the physical possession is not with the Bank. Bank had sent me a letter dated 12th January advising me of the forfeiture of amount of Rs 13.75 lacs remitted by me on auction date. This action was contested by me on 17th January and advised them to withdraw their letter dated 12th January and they have not responded to my request. Bank is now asking me to withdraw my letter dated 17th January and seek refund of the amount remitted by me. Kindly advise me the future course of action to be adopted by me. Pl advice.


Answers (1)

It is advisable not to withdraw your earlier letter contesting the bank's action. It is better to issue a legal notice to the bank asking them for refund of the amount to be paid on or before a set deadline.


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