Legal Question in Banking Law in India
Bank sold a property under SARFAESI and issued and registered sale certificate in favour of the purchaser. It now turns out that the mortgagor itself did not have title over the property sold of which the bank is also convinced. Can the purchaser now request the Bank to return the sale amount and cancel the sale certificate. Is there any provision by which a sale certificate issued under the Act can be cancelled. Is there any procedure to be followed, like issue of prior notice to the mortgagor etc before cancelling the sale.
Asked on 4/06/10, 9:12 pm
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
The bank may cancel sale certificate and register a criminal case against the mortgagor beside recovering the amount due by other modes.
Answered on 4/07/10, 2:22 am
Related Questions & Answers
-
Sir, sub: Sale of assets under Securitisation, Asset Reconstruction and... Asked 4/06/10, 5:33 am in India Banking Law
-
Can payment be made by a cheque signed in back date by a deceased account holder Asked 4/04/10, 11:49 pm in India Banking Law
-
Can payment be made by a cheque signed in back date by a deceased account holder Asked 4/04/10, 11:47 pm in India Banking Law
-
My father had left behind few fixed deposits where no one of his legal heirs are the... Asked 4/04/10, 3:58 am in India Banking Law
-
Whether cheque given to company with undertaking takeing that it will not be stopped... Asked 4/04/10, 1:09 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
