Legal Question in Banking Law in India
If the same property is been mortaged with two different banks and out of these if one bank have taken symbolic as well as phsical possession of the said property under saefaesi act 2002, than is it safe for the purchaser to buy the said property From the said bank by private treaty sale i.e under rule 8(5)(d).
what is the procedure of the same and since the property in possession of the bank borrowers is ready to give consent For the price agreed with .
Please advice whether the second bank can put any litigation or legally proceeds after the private treaty agreement is completed and received the possession
1 Answer from Attorneys
The bank which has the first mortgage, if taken possession by it under SARFAESI Act should put it in auction. It is not safe to go in for purchase by private treaty. If it is done by private treaty the subsequent mortgagee bank can question the same and will lead to litigation
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