My House Was Sold at Auction Can I Get It Back
-
Getting my property back
Please note my ancestral property in mysore which came to my name afterward my mothers death later I borrowed 3lakh from icici bank for construction I started to demolish and construct in the year 2002 but my neighbour did put an litigation I came to overseas in the year 2001 till then I did not follow up and could non pay bank monthly instalments but last month I came to know that bank auctioned my property. Is it possible to get back this property considering this property is very important to my life delight please help with laws and Claus and solution I wait forrad to your replay Thanks
Asked six years ago in Holding Police
Faith: Muslim
First answer received in thirty minutes.
Lawyers are available now to respond your questions.
8 Answers
1) what was full amount due and payable by you ?
ii) when was holding auctioned by the bank ?was notice issued to you before sale ?
3) has sale been confirmed past Debt recovery Tribunal ?
four) you can file an appeal against order auctioning your belongings and offering to pay the dues of banking company with interest if auction is set bated
5) even so if considerable fourth dimension has elapsed since sale sale will not exist set aside
Advocate, Mumbai
85919 Answers
5809 Consultations
Yous are not clear on the nature and current status of the litigation as You have stated in the query.
Without knowing these vital details I tin non suggest properly on this,
Advocate, Kolkata
22515 Answers
375 Consultations
1. On what basis y'all telephone call it ancestral belongings?
2. What is the nature of the lawsuit filed by your neighbour? What was the consequence of the case filed by your neighbour? Unless your neighbor had any legal correct in the property he could not have sued you.
iii. The amount borrowed was but iii lakhs. It seems that on default in repayment the depository financial institution took possession and auctioned the belongings. What was the market value of the property when it was sold? The auction proceeds could accept been pocketed past the bank only to the extent of the amount due to it whereas the balance was to be remitted to you. Be that as it may, it was a blunder on your part to not to avail the legal recourse against the bank to stop it from auctioning the property.
iv. At that place is no mode you can get the property back after information technology has been auctioned except if y'all can prove that the auction was non held in accordance with the law.
5. The only correct which you can at present enforce is the correct to get back the balance of sale gain, if whatever, was left later applying information technology towards the secured debt. And so you must find out at what rate the holding was auctioned. It may be added here that in a auction the property may be sold at a throwaway price.
Advocate, Jaipur
30757 Answers
937 Consultations
Did you lot get whatsoever notice from banking concern for auction?when was belongings auctioned by the bank ?When you took the loan from Banking concern?If the thing is in DRT then file appeal and stay if the notice is not supplied properly.File an appeal confronting guild auctioning your property and offer to pay the dues of banking concern with interest if sale is set aside.Try for an amicable settlement with bank
Advocate, Ernakulam
3963 Answers
85 Consultations
Yes, you can talk to the bankers almost the repayment of loan and can as well become information technology restructured so that you can make once settlement waiving a considerable portion of involvement.
It will once more depend on the depository financial institution manager to waive interest to some extent using his discretionary power.
What were you lot doing so long? Yous can even approach ceremonious court with an injunction adjust stating that you have ot been informed by the depository financial institution about the loan and their sudden action is against the natural justice.
Advocate, Vellore
76050 Answers
1346 Consultations
If your business relationship was declared equally Non Performing Nugget, it was only then that the bank could have auctioned your holding to recover its dues against the loan obtained by you from the depository financial institution.
You lot can get the property depository financial institution just if you are able to prove that the auction was not conducted as per police. If the auction so conducted can be set aside then only u could have got the property dorsum. however it seems that huge time has elapsed and now, the limitation likewise would accept expired for u to file a case against the sale so conducted.
If u received the auction notice etc, then what you tin can claim at present is the extra corporeality which the banking company may have got on the auction of the belongings in example the surplus amount was received ater setting aside your loan and the interest accured on the loan.
Abet, Chandigarh
914 Answers
111 Consultations
1.Delight cheque up whether the highest bidder was confirmed as the Heir-apparent of the property in the sale and also collect information whether the successful applicant got the property registered in his proper noun.
2. If the property is not notwithstanding registered in the bidder's proper name, come across the bidder and request him of your desire to retain your holding by paying petty extra coin.
three. Since as a borrower y'all have defaulted on repayment of your home loan for quite a long time and the bank would accept waited for your action and would have despatched you several notices to your last known address. If instalment amount is not paid for 3 months at a stretch, the banking concern would take given you lot a 60 days catamenia to regularise the repayment i.e.,to start repaying the home loan. Since there was no response from yous and on failure to repay the home loan by you lot, the bank would take alleged the loan a NPA and auctioned it to recover the debt.
4. Banks and financial institutions are empowered to auction the properties under the SARFESI (Securitization and Reconstruction of Financial Avails and Enforcement of Security Interest) Human activity, 2002 when borrowers fail to repay their loans. It enables banks to reduce their non-performing assets (NPAs) by adopting measures for recovery.
Advocate, Bangalore
3981 Answers
240 Consultations
1. Did you mortgaged your said property with the Banking company while availing the said loan?
2. If yep, then it appears that the Bank has initiated SARFAESI Proceeding and after issuing Notices u/southward 13(2) and 13(4) has taken possession of the property and has sold it,
3. If the belongings was under lock and key then it is clear that the Bank has broken open the said lock to take physical possession of the firm for selling it,
4. File a Writ Petition before the High court praying for a management upon the Bank to abolish the auction and render the possession of the house since iit's possession was illegally taken by breaking open the lock put by you,
5. You shall have to brand the heir-apparent of the business firm also a party to the Westward.P. and clinch that you lot are agreeable to refund the loan amount with involvement which you could not exercise since yous did not go the Notice from the Banking concern.
Abet, Kolkata
26377 Answers
726 Consultations
Source: https://www.kaanoon.com/27219/getting-my-property-back
0 Response to "My House Was Sold at Auction Can I Get It Back"
Post a Comment