regarding possession of Auction Property
1 month ago
how to take get out of barrower stay notice after auction completion
A.Dear Client,
To address your query effectively, it is important to provide more details. A Registered Auction notice, accompanied by acknowledgment due, should be served to identified borrowers, allowing a 14-day notice period. This ensures that borrowers have sufficient time and opportunity for redemption, minimizing the need for auction sales. The Debt Recovery Tribunal (DRT), functioning as a quasi-judicial body in SARFAESI-related matters, plays a pivotal role. If you receive an auction notice, you can approach the DRT to request a stay order on possession. If the DRT finds merit in your case, they may grant a stay order, preventing the bank from taking symbolic possession. It's worth noting that banks typically proceed with property auctions after obtaining physical possession, but in some cases, auctions may be initiated based on symbolic possession as well.
To address your query effectively, it is important to provide more details. A Registered Auction notice, accompanied by acknowledgment due, should be served to identified borrowers, allowing a 14-day notice period. This ensures that borrowers have sufficient time and opportunity for redemption, minimizing the need for auction sales. The Debt Recovery Tribunal (DRT), functioning as a quasi-judicial body in SARFAESI-related matters, plays a pivotal role. If you receive an auction notice, you can approach the DRT to request a stay order on possession. If the DRT finds merit in your case, they may grant a stay order, preventing the bank from taking symbolic possession. It's worth noting that banks typically proceed with property auctions after obtaining physical possession, but in some cases, auctions may be initiated based on symbolic possession as well.
Helpful
Helpful
Share
A.Dear Client,
Your query requires more details to address properly. A Registered Auction notice with acknowledgment due shall be served to all such identified borrowers giving a 14-day notice period to ensure that sufficient time and opportunity are given to the borrower for redemption and to avoid auction sale. The Debt Recovery Tribunal is a quasi-judicial body that handles SARFAESI-related matters. You can also approach the DRT on receipt of the auction notice seeking a stay order on the possession. If the DRT is satisfied with your case, they may grant a stay order, preventing the bank from taking symbolic possession. Banks generally put properties for auction only after taking physical possession. but sometimes properties are put up for auction on Symbolic possession also,
Your query requires more details to address properly. A Registered Auction notice with acknowledgment due shall be served to all such identified borrowers giving a 14-day notice period to ensure that sufficient time and opportunity are given to the borrower for redemption and to avoid auction sale. The Debt Recovery Tribunal is a quasi-judicial body that handles SARFAESI-related matters. You can also approach the DRT on receipt of the auction notice seeking a stay order on the possession. If the DRT is satisfied with your case, they may grant a stay order, preventing the bank from taking symbolic possession. Banks generally put properties for auction only after taking physical possession. but sometimes properties are put up for auction on Symbolic possession also,
Helpful
Helpful
Share
Read Related Answers
Street parking in residential colony
Dear Client,
Try to resolve the matter among yourself. Firstly if its an apartment try to complaint to the apartment authorities . Harassment per se would not be a valid ground apt to the scenario, Y...
Work money not paid
Dear Client,
This is a very tricky situation. Technically speaking there must have been a documentation of you resuming work after your first email and you continuing working there makes it unofficia...
Common wall
Dear Client,
Firstly please bring it to the notice of the apartment association if you live it in an apartment. Secondly communicate with your neighbours and learn as to what work is being done and...
Property joint way issue
Dear Client,
Given the situation, you need to adhere to the Schedule of the property as mentioned in the Sale Deed. In the query, you mentioned that the actual passage of all properties is 7 feet. In...
Varsai & will
Dear Client,
The wife of the deceased husband is not entitled to his ancestral property. According to Hindu Succession Act, only the coparceners of a Hindu joint family are entitled to inherit ancest...
Read Blogs on Civil
Civil Lawyers
Find Lawyers by Location