Following is the law with regards to the same:

Section 13(4) in The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

(4) In case the borrower fails to discharge his liability in full within the period speci­fied in sub-section (2), the secured creditor may take recourse to one or more of the follow­ing measures to recover his secured debt, namely:—

(a) take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset; 2[(b) take over the management of the business of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset: 2[(b) take over the management of the business of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset\:" Provided that the right to transfer by way of lease, assignment or sale shall be exercised only where the substantial part of the business of the borrower is held as security for the debt: Provided further that where the management of whole, of the business or part of the business is severable, the secured creditor shall take over the management of such business of the borrower which is relatable to the security or the debt;]

and therefore you may go ahead and purchase the property from bank, but usually it is not advised to say, the owner might create some legal issue in the future.

Regards

1. Without the order of DM.DJ/MM no possession of proeprty is amde which is mandatory before auction sale.

2. So in the event of sale there is no legal sanctity that physical possession of the sle would be valid.

3. It is very essential that first the secured creditor takes physical possession of the secured asset and then go for auction sale after 30 days notice.

Bank may go ahead with the auction proceedings after taking symbolic possession under section 13(4). Proceeding under section 14 before DM not a pre-requisite for proceeding ahead with the auction.

No need to worry, you may go ahead and purchase the land in auction.

The bank, if taking necessary action to sell the property through auction under the provisions of sarfesi act, then it has to take symbolic possession of the property and if need b it has to take physical possession too if the bidder of the auction insists on handing over physical possession and also executing a registered sale deed.

It may not be safe to purchase the property if physical possession is not handed over by the bank.

The bank to escape the further legal consequences may tell thousand reasons, but you will face problem when you try to take physical possession of the property purchased.

The orders of DM may not be essential but the bank has to handover the physical possession of the property even though it has not taken the help of DM to acquire physical possession of property.

The procedure to approach DM for physical possession is anticipating trouble from the borrower when the bank reproaches for taking physical possession hence the order of an authority would save their time in fighting with the borrower.

-No, not necessary to initiate proceedings under s. 14.

- Bank approaches the DM under sec. 14 only when it faces difficulty in taking over the possession.

- Since this is a vacant plot of land and bank is facing no resistance from anyone, it isn't approaching the DM.