Legal Question in Banking Law in India
sir,
i have won the bid for sale under sarfaesi act by federal bank. But i failed to pay the 25% bid amount in time(i.e. on the same day of auction). But for partcipation in bid we hav deposited a money of 1.5 lacs which they reffused to refund the money after that. On same day they given us a time to pay money within another 2 days from the date of sale (they said this orally), whcich we agreed and sent the chqs fav hem as mentioned. in the end they return the chqs saying the pyt not done in time.
please kindly help me in this as a loss of 1.5 lacs is high for us.
Asked on 9/09/10, 8:55 am
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Legal process may cost you more than your loss; try to settle the matter with the Bank amicably.
Answered on 9/09/10, 10:09 am
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