Legal Question in Banking Law in India
auction purchase under sarfaesi act 2002
hi,
i am a auction purchaser and i have got the sale certificate from the bank i want to know that should i have to register the sale certificate and if yes than in how many days
4 Answers from Attorneys
Re: auction purchase under sarfaesi act 2002
There is no time limit as such.
Re: auction purchase under sarfaesi act 2002
It has to be registered within 4 months from the date of the Sale Certificate. Since it is the Bank's authorized officer who has executed the sale certificate, he be requested to co-operate in having it registered. If the above time has expired, condonation of delay petition has to be presented.
Re: auction purchase under sarfaesi act 2002
Yes, you should contact the local revenue authorities for registration.
Re: auction purchase under sarfaesi act 2002
Ordinarily, registration must be done within 4 months from the date of the execution of the document.
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