Legal Question in Banking Law in India

Recovery of Land Auctioned by Sarfaesi-Act
I bought a land at chennai in 1998. The layout promoter said that the land is in Equitable mortgage in a nationalised bank and once we buy he will pay 1.35 lakhs to bank and get EM release letter for my plot from the bank. The same he has did for the previous purchasers. unfortunately to me and other 70 people he couldn't as the bank has stopped this practice after we purchased. in 2008 the bank has applied the sarfaesi act and bought all the 70 plots for auction. 40 people have met the bank and made deal to pay 3.5 lakhs for 2400 sq feet and got the release letter. But I dont know this. My land has been auctioned 7 months before. how to get my land back now? we requested bank that we are ready to pay the same amount what others paid but they are refusing by saying that sale has been confirmed and sale certificate is issued. How can others get and we cannot. Bank has never intimated us. please reply me. I purchased this land with my final retirement benefits from govt job I am 72 years old now.

Asked on 7/21/09, 3:26 pm

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: Recovery of Land Auctioned by Sarfaesi-Act

You may approach the DRT by filing an appeal against the auction and refusal of bank to release the land despite your willingness to pay.

Answered on 7/21/09, 8:55 pm

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