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Author Topic: SARFAESI Sale  (Read 204 times)

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Offline samfxm88

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SARFAESI Sale
« on: July 31, 2016, 05:33:54 AM »
I have availed a business loan (cash credit) of Rs 5 lac from a Nationalised bank in Tamil nadu on 2012. At that time I have deposited my title deeds as security without registration of MOD. The account has slipped to NPA on June 2016. I have received notice under sec13(2) of SARFAESI act. My question is, Whether the Bank will be able to Sell my property under SARFAESI act when the EC shows the property in my name ? and also If the property is being sold in auction will they require my consent ? Will the bank force me to execute a sale deed in favour of the bidder

My friend in baking said that the sale certificate issued by the bank has overiding effect over Transfer of property act

Kindly help

Offline advjaibansal

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Re: SARFAESI Sale
« Reply #1 on: August 01, 2016, 09:29:08 PM »
Dear Sir,

As you have mortgaged the property with bank by depositing the title deed. In such case for non payment of loan amount, bank under the Act can sale the property in auction without taking your consent. You don't have to execute any sale deed, bank will do everything without your presence. The power of given under the act as you have defaulted in payment of loan.

Either you pay the loan amount and save the property or the same will be sold under the provisions of the act by the bank to recovery its debt.

Regards,
jai bansal
Advocate, New Delhi
Supreme Court of India
bansal.jai@gmail.com
mobile: 09868566649

 

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