Legal Question in Banking Law in India
details about private treaties
the bank has sold some of our property on the name of private treaty
Asked on 6/18/13, 4:24 am
2 Answers from Attorneys
Fca Prashant Chavan
Expert Edge LLP
18.06.2013
Dear Sir / Madam,
If the terms and conditions of the loan permit the bank to sell the property by private treaty without conducting an auction in the event the borrower fails to repay the loan, there is nothing you can do about it.
Regards,
Answered on 6/18/13, 4:34 am
J. Radhakrishnan
independent Practice
Normally banks won't sell by private treaty under SARFAESI Act proceedings without first trying to sell by public auction. If such is not the case,u can file appeal to DRT questioning the sale as illegal.
Answered on 6/19/13, 5:06 am
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