Legal Question in Real Estate Law in India
Possession of a property under Sarfaesi Act?
I have acquired a flat based on the advertisement given by the vendor and acquired the flat by availing Home loan from Ind Bank Housing Limited during the year 1991 and subsequently switched over to Indian Bank as the interest rate of Indian Bank found to be less. I have completely repaid the loan during Jan 2007 and got my original sale deed from the lending institution. Now Indian Bank authorities informed that the said that the laun divided share of the land in which my house is located is said to be under Equitable mortgage by the vendor prior to my acquisition of the flat . The vendor who is stated to be financed Rs.50 lakhsby Indian Bank for the Equitable mortgage created on the undivided Share. Now the Bank authorities have taken possession of the entire property that includes undivided share of land sold prior to creating Equitable mortage by excercisin provisions under SARFAESI Act.on the plea that the
vendor has not repaid the loan
As a owner of the flat for 17 years by paying all taxes due to the Government on time . I have neither neither been informed by the bank on the above issue till they served possession notice on tenants on 20.6.08. I become a innocent victim? If there any way to get justice?
4 Answers from Attorneys
Re: Possession of a property under Sarfaesi Act?
It is not clear whether you have obtained title clearance report at the time of purchase of property and if so, how this prior charge of Lending Bank was not noticed by your advocate while giving you clear title report..If you are gunuine purchaser with all provable documents, then you have to approach to high court to protect your interest
Re: Possession of a property under Sarfaesi Act?
If you can prove yourself to be a bona fide purchaser for value without notice, then you may not be affected.
Re: Possession of a property under Sarfaesi Act?
Details are required to be examined.Contact with details,professional charges are applicable.
Re: Possession of a property under Sarfaesi Act?
You have the option of moving aWrit Petition before respective High Court and get a stay and the same has to be moved within a limited time frame. The Chandigarh High Court has passed a general oerder two year back after Supreme Court Land mark Judgement on this subject, under which only symbolic possession can be taken.
Ina ddition, you have other remedies at DRT laso. If uyou will make try, you will get out of this problem.
For more details [email protected], 9971014707
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