Notice from advocate – Taking possession of property

[User_5e786832]

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User_5e786832
PARTICIPANT
February 21, 2025 at 4:03 pm

I live in a rented house. Taken on heavy deposit ( 15 Lacks ) + Monthly rental of 20k – Registered agreement

Owner mortgaged the property for loan & unable to pay

Bank has been sending notice for last 6 months for repayment

We are in process of buying this property & negotiation were going on with the owner to finalise the amount

Today received a notice from a lawyer, notifying all parties involved, including zonal DCP to provide police protection to take the possession of the property on March 25th.

Can they take the possession with my family still living in the house?

If I leave the house, none of the parties would agree to pay me back the deposit amount of 15 lacks

Bank is demanding 4.24 cr for the property, the current market value is 2.60 & I am willing to pay this

What can be my steps ahead?

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[Luckytara4910]

L

Luckytara4910
PARTICIPANT
February 21, 2025 at 4:13 pm

They can take physical possession of the property under S. 13(4) and 14 of the SARFAESI Act. Get a lawyer and get a stay on this from your DRT.

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[User_5e786832]

U

User_5e786832
OP
February 21, 2025 at 4:18 pm

How likely is the court to give a stay?

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[Luckytara4910]

L

Luckytara4910
PARTICIPANT
February 21, 2025 at 5:16 pm

Since you are staying there and are negotiating a settlement of the debt with the bank, you are quite likely to get a stay. If someone is staying in a house, they can’t just throw you out – police or no police. If DRT isn’t working out, you can always approach the HC, but it’s better to try and approach the DRT first.

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[Silentseeker4914]

S

Silentseeker4914
PARTICIPANT
February 21, 2025 at 4:17 pm

Get a stay order immediately.

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[User_5e786832]

U

User_5e786832
OP
February 21, 2025 at 4:18 pm

How likely is the court to give a stay?

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[Brightwolf5745]

B

Brightwolf5745
PARTICIPANT
February 21, 2025 at 4:19 pm

You’ll need a lawyer for this not reddit. Does the notice say anything about a court order? Because that’s the only way the dcp is getting involved. Otherwise it’s a scheme to recover money. If the property is mortgaged, you’ll need the bank to sign off on the sale. The bank probably wants you to pay whatever the guy owes for the property. Or you can wait for the bank to eventually seize the property and you can buy it once they auction it. You’ll be competing with estate developers and shit but who knows, you might get it for cheaper.

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[User_5e786832]

U

User_5e786832
OP
February 21, 2025 at 4:27 pm

Yes, a court order by Chief judicial magistrate of our district

How likely is the court to offer stay?

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[Brightwolf5745]

B

Brightwolf5745
PARTICIPANT
February 21, 2025 at 5:06 pm

Only if you challenge the order. Tough luck man. See if you can talk to the bank into letting you stay till you find a new place or see if you can buy it from the bank.

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[Brightwolf5745]

B

Brightwolf5745
PARTICIPANT
February 21, 2025 at 5:07 pm

Make sure it’s an actual court order though. You can do that by searching the case number on e court services. Check the case status and the order and make sure it’s the same.

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[Megaprashant4593]

M

Megaprashant4593
PARTICIPANT
February 21, 2025 at 6:21 pm

Connect with the bank. And offer to buy the house.

Alternatively – they are likely to auction it and you could buy it in the auction.

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[Quickvinay1270]

Q

Quickvinay1270
PARTICIPANT
February 22, 2025 at 12:24 pm

NAL. I think there are provisions in law to protect a tenant from proceedings of SARFAESI act. The bank is free to auction the property based on symbolic possession but auction purchaser gets physical possession only after completion of lease expiry. You would have to pay the lease to the AP from date of auction I think.

Get a good lawyer and approach the HC for stay immediately.

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