Sarfaesi bank auction
Sir / Madam,
I was the successful bidder for a property auctioned by PNB. After close of auction on visiting the bank on the same day I was informed that Borrower has got a stay from DRT which states that ‘Sale will proceed as per sale notice. Confirmation stayed’.
The bank issued a letter stating that I was the successful bidder and requested me to balance payments as per sale notice. All payments were made within due dates. Bank issued letter confirming full payment, but sale certificate was not issued because of STAY.
After 2 months Bank submitted a MEMO in DRT stating that there was a mistake in the sale notice for one of the properties (not this property) and as such withdrawing the sale notice. DRT passed order accepting. This was the only property that was bid and there was no bidders for other items in sale notice. Further there is no clause in the sale notice terms and conditions on the Bank’s right to withdraw or cancel.
My query is, can the bank withdraw the sale notice after the full payment is made. Also Bank did not intimate me before withdrawing the sale notice.
Please advise.