Legal Question in Banking Law in India
sir i purchased one assets through bank auction six months complited am norecived still sale certificate physical possission. at present am asking refund my amount but the branch manager cant do any thing and no reply
Asked on 7/01/15, 2:36 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
01.07.2015
Dear Sir / Madam,
If you have fulfilled all the requirements of the auction from your side, the Bank is liable to honour their performance commitment of either handing over Sale Certificate and possession of the auctioned asset else refund the amount in keeping with the auction rules and conditions. If the Bank is inordinately delaying settlement without valid grounds or reason, you may approach the Arbitrator (if specified in the Auction rules) / Banking Ombudsman for resolving your matter.
Regards,
Answered on 7/01/15, 6:13 am
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