Legal Question in Banking Law in India
A property was put for sale by tender by the Bank under the SARFAESI Act. The highest tender was accepted and the sale was confirmed by the higher authority of the branch manager and the entire sale amount was also deposited within a week of the sale date. The question is whether the sale certificate can be issued immediately or whether the bank will have to wait for expiry of a certain period before issue of sale certificate.
2 Answers from Attorneys
After confirmation of sale, authorized officer is supposed to issue sale certificate.
No period is prescribed under SARFAESI Act for the authorized officer to wait for issuance of sale certificate after confirmation of sale.
Once the balance of price is paid, the authorized officer can issue the sale certificate. Time for payment of the balance of price is prescribed as on or before the 15th day of the confirmation of the sale by the secured creditor. Once that is paid, the sale certificate can be issued immediately.
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