Legal Question in Banking Law in India

I am a Purchaser of the property. There is one mortatge property in State Bank of India. The Owner have mortatged same property to Bank of India also and availed loans from both the banks. Now State bank of India have taken Symbolic as well as physical possession of the said property under Sarfaesi Act 2002. The Owner of the property is ready to sale to me with concern of State Bank of India.
We have collected search report of the said property and there is no other Banks charge eexcept State bank of India.
State Bank of India is advising us to directly purchase the said property from the owner and pay thier outstanding. State bank of India is also Ready for going procedure of Private Treaty under Sarfaesi Act 2002.
But in that case there will be double Stamp Duty expense.
It have been noticed that the documents submitted to Bank of India by the owner are fraud.
Please advise what should we do? what is safer side for us as a purchaser.

Asked on 9/29/12, 3:11 am

J. Radhakrishnan independent Practice

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Better to purchase in the auction that may be held by SBI under the SARGAESI Act

Answered on 9/29/12, 4:45 am

Pravin Vaidya Independent

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Do not sit in judgment about the fraudulent nature of documents ..irrspective whehter documents are fradulent or not avoid purchase .

Answered on 9/29/12, 7:06 am

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