Legal Question in Banking Law in India

details about private treaties

the bank has sold some of our property on the name of private treaty

Asked on 6/18/13, 4:24 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP

18.06.2013

Dear Sir / Madam,

If the terms and conditions of the loan permit the bank to sell the property by private treaty without conducting an auction in the event the borrower fails to repay the loan, there is nothing you can do about it.

Regards,

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Answered on 6/18/13, 4:34 am
J. Radhakrishnan independent Practice

Normally banks won't sell by private treaty under SARFAESI Act proceedings without first trying to sell by public auction. If such is not the case,u can file appeal to DRT questioning the sale as illegal.

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Answered on 6/19/13, 5:06 am


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