Legal Question in Banking Law in India
Bank Laws : i bought a new (Resale property)Flat via indian bank as a successful bidder on the auction held at their office under sarfesi act 2002. the property is registered on my name and the bank have also given me the sale certificte and we hold the position of the flat now.i was told by my friend that the previous property owner can take legal action regarding this .How safe is to buy a house on bank auction under sarfesi act .the previous owners has filed a pettition now at DRAT??.please advice.
1 Answer from Attorneys
No generalisation is possible in purchasing property in an auction by court or by bank under SARFAESI Act. One has to look into the title and various aspects of the steps taken by the Bank. If the mortgagor/previous owner had taken action in DRAT, you must approach the Bank from whom you have purchased the property to defend you. As an additional precaution, you also file a petition to implead yourself in the action in DRAT. Take the assistance of local lawyer to guide you in the matter.
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