Legal Question in Real Estate Law in India

Hi

I would like to clarify the following.

1) Does the successful bidder in a SARFAESI / DRT auction have the right to get the property registered in anyone's name or is there a condition that the sale has to be registered in bidder's name itself? How is the Sale certificate issued in these cases?

2) Also is there any restriction on participating in an auction in the name of a company rather than as an individual?

Any help in pointing in the right direction is greatly appreciated.

Thanks

Arun


Asked on 5/06/12, 8:18 am

3 Answers from Attorneys
ranganathan raghavachari R.Ranganathan & Associates

Generally the property has got to be registered in the name of the bidder only. But under circumstances wherein the bidder discloses that he is bidding on behalf of another and that permission is also given then the property can be registered in that other person's name. Further there is no restriction in a company participating in auction provided its articles of association is having such a clause.

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Answered on 5/06/12, 9:50 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

2) There is no restriction for a company to participate in auction.

1) The property has to be registered in the name of bidder or biddger's principal, if he happens to be an agent for someone else or some company.

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Answered on 5/07/12, 12:12 am
Shrichand Nahar S.V.Nahar, Advocate

Check terms of auction and act accordingly.

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Answered on 7/15/12, 11:13 pm


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