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Can stay order be put on property after auction by bank ?
07-Sep-2023 (In Recovery Law)
THE X PERSON HAVE TAKEN LOAN FROM BANK . HE IS NOT ABLE TO PAY BACK THE LOAN AMOUNT. SO BANK HAVE TAKEN THE ORDER FROM COURT FOR AUCTION . THEY HAVE GOT THE ORDER . THEY HAVE DONE THE AUCTION AND I WIN THE AUCTION WITH HIGHER BITTER. NOW THAT X PERSON IS GOING IN DRT FOR STAY ORDER. SO I WANT TO ASK .IF HE CAN GET THE STAY ORDER ON THIS PROPERTY . EVEN AFTER THE AUTION HAVE TAKEN PLACE????????????
Dear Cleint,
After the auction, chances are very less that drt will entertain his petition.
Imp point- if at the time of auction if there was no stay, then no need to worry.
You will have to represent your self before the DRT informing that sale has become absolute hence no right remain for the Borrower.
As this is document based process, Better discuss with an competent advocate with all relevant documents to get precise advice.
Expert Jurist LLP
After the auction, chances are very less that drt will entertain his petition.
Imp point- if at the time of auction if there was no stay, then no need to worry.
You will have to represent your self before the DRT informing that sale has become absolute hence no right remain for the Borrower.
As this is document based process, Better discuss with an competent advocate with all relevant documents to get precise advice.
Expert Jurist LLP
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Adv. JV Bhosale
Mumbai | 400+ Answers
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Chain of events take place as per the cause of action. To make sure that your interests are safeguarded you need to demand a certificate that the property is free of all encumbrances and to indemnify you against all losses. At current stage it's better to hold.
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Adv. Ramgopal Aiyer
Navi Mumbai | 200+ Answers
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