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SARFAESI AUCTION OF PROPERTY
Bank auctioned pledged land after borrower defaulted but buyer took 2 years to pay 75% money; borrower cleared the dues, fought and won the case in SC to get his land backThe Supreme Court agreed with the Madras High Court's call to cancel the auction of Mr. Rama's family property. The bank was trying to sell...- Home loan default case: Why acting within 45 days can stop a bank auctionBanks can auction homes for home loan defaults. Borrowers facing this can approach the Debt Recovery Tribunal within 45 days of the bank's ...
- Missed home loan EMIs? Law gives you 105 days before bank can start auction of your houseHomeowners get a 105-day window before banks can auction their property for missed EMIs. This period follows the SARFAESI Act and RBI rules...
- Buyer of bank auctioned property discovers massive unpaid bills, files case against bank but gets no relief in HC; lessons for buyersA homebuyer lost a case in the Allahabad High Court after discovering unpaid water and RWA maintenance bills on a property bought via bank ...
- SC sets aside Madras HC order, restores auction purchaser’s rights in loan recovery caseThe Supreme Court wants the Finance Ministry to check the SARFAESI Act. The court feels some rules are unclear. These unclear rules are cau...
- Bengal tribunal stops Yes Bank from seizing buyers' flats over developer defaultThe West Bengal Real Estate Appellate Tribunal has upheld a ruling that prevents Yes Bank from taking possession of nine flats in New Alipo...
- Banks to conduct performance review of empanelled advocatesBanks implement measures to enhance DRT efficacy. Reviews of advocates' performance, officer presence at hearings, and changes in regulatio...
- Yes Bank to sell property of E Commerce Magnum Solution for recovery of Rs 345 croreIn an e-auction sale notice, Yes Bank said it took physical possession of the immovable properties mortgaged to it on August 29, 2020 pursu...
- Making efforts to cut bad loans to come out of PCA framework: Indian Overseas BankThe Chennai-based lender had returned to black, registering a net profit of Rs 144 crore in the January-March quarter of the fiscal ended M...
- Yes Bank to auction properties of Essel Infra, SKIL Infra in July to recover duesThe private bank on July 8 will auction properties owned by Essel Infraprojects in Mumbai. It has also put under the hammer properties owne...
- Co-Op banks come under Sarfaesi Act: Supreme CourtThe Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, allow banks and financ...
- Not many NBFCs may use Sarfaesi Act to recover loanMany NBFCs were unable to dispose of immovable property of defaulter borrowers fast enough even after filing the case under Sarfaesi and re...
- IDBI Bank puts loop HQ on the block againThe seven-storey property, BPL Center, located on Manmala Tank Road in Mumbai’s Mahim area, is being auctioned with a reserve price of ₹134...
- Kingfisher House auction fails for fifth time"There were lot of enquires for the property from buyers but none of them deposited the bids in today's auction," said a banker.
- Lenders lower reserve price of Kingfisher House to Rs 135 croreLenders had put on sale the airlines' trademarks which included it's famous tagline Fly the Good Times, the Kingfisher logo, Flying Models,...
- Bad loans drop further for Andhra Pradesh Grameena Vikas BankAt a time when several banks are reeling under high levels of loan defaults, rural lenders are showing how to rein in bad loans.
- Bombay High Court quashes sale of Park Hyatt in Goa to ITCEarlier, Kolkata-based tobacco to hotel conglomerate emerged as the highest bidder of the property in February last year with an offer of R...
- SBI starts auction of Vijay Mallya's Kingfisher HouseKingfisher Airlines faces a probe by the Serious Fraud Investigation Office (SFIO) into its allegedly 'inflated' brand valuation of over Rs...
- SBI to e-auction distressed properties every quarter nowThe maiden attempt by SBI, which has been fighting a long battle to contain bad loans, to dispose of distressed properties through an e-auc...
- Sarfaesi laws may lessen banks' bad loan burdenSecuritisation law changes to allow banks 'buy' property seized from defaulting borrowers.
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