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.
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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,
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