India  |  Securities Law

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2/17/09, 11:19 pm

Legal Question


Sale of property under SARFEASI Act by a Bank

A Bank has sold by public auction under SARFEASI Act a property which my client has purchased. The mortgagor has approached DRT after the sale is concluded and sale certificate issued by the Bank. DRT Madurai has admitted the petition and the matter is dragging for the last two months due to boycott of courts by lawyers.

Please advise whether the action of the DRT is correct in admitting the petition inasmuch as the mortgagor has remained dormant during the notice period and thereafter till sale?

What is the option for the purchaser to get the petition dismissed ( The Bank is filing counter and taking steps)


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