Legal Question in Banking Law in India

Re: sarfaesi act

The Bank will have to justify as to why and under what circumstances, it went in for a private sale. Supreme Court has held in similar cases that public auction is the norm in sales by financial institutions and sale by private treaty is exception. If the Bank proves that inspite of advertising for bids, it did not receive the best offer and under the circumstances, the sale to you was the only way to fetch the best price, the DRT will uphold the sale in your favour. Otherwise there is every chance of the sale being set aside if the borrower establishes that the property could fetch a better price if sold in auction.

Re: sarfaesi act

The DRT court may be entitled to decide application of the borrower in accordance with law; the DRT may order public auction if the Court is satisfied about some procedural default or that the price fetched by private sale was less than the property value.

Re: sarfaesi act

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Re: sarfaesi act

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Re: sarfaesi act

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