Legal Question in Banking Law in India
we have purchased an industrial property auctioned by a bank under sarfesi act for which a sale certificate has been issued. IS IT NECESSARY TO HAVE A SALE DEED REGISTERED IN ADDITION TO SALE CERTIFICATE. IF NOT WHAT ARE THE CONSEQUENCES
Asked on 7/22/10, 4:02 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
There is a decision of the Madras High Court that a sale certificate issued in SARFAESI proceedings does not require registration. However you can have the Sale certificate registered with the assistance of the authorized officer of the Bank who has issued the sale certificate. No need to register a separate sale deed apart from the Sale certificate.
Answered on 7/22/10, 7:46 pm
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