Foreclosure India Blog

Exploring Legal Procedures: What Lessons Can We Learn from the Govind Kumar Sharma & Anr vs Bank of Baroda & Ors Case under the SARFAESI Act?
Posted on Apr 30, 2024

Diving into the intricacies of legal procedures, the case of Govind Kumar Sharma & Anr vs Bank of Baroda & Ors sheds light on the critical importance of adhering to procedural requirements during auctions mandated by the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) in India. Let's explore the key highlights and implications of this case:

The Case in Context

The case stemmed from the auction of a property due to a mortgage default. Mr. Govind Kumar Sharma and another individual successfully bid for the property, making investments...

Civil Win Thwarts Bank's SARFAESI Move: A Borrower's Shield
Posted on Apr 27, 2024

Imagine finally clearing your loan, only to be hounded by the bank again! That's what happened to a borrower in Kerala. Despite paying off the entire amount, the bank initiated recovery proceedings under the SARFAESI Act. But a recent High Court ruling threw the bank a curveball.

Here's the twist: The borrower had already won a civil court case against the bank, proving they owed nothing. This win, according to the High Court, acted as a shield, preventing the bank from using the SARFAESI Act in the same case.

Why the Win Matters:

The SARFAESI Act allows faster loan recovery for banks. But thi...

Defaulted Loan & SARFAESI Auction? Don't File a Police Report! Allahabad HC Says Debtors Have This Option Instead
Posted in News on Apr 22, 2024

Loan defaults are a stressful situation for both borrowers and lenders. But what happens when a lender takes action under the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act) to recover their dues, and the borrower feels the process is unfair? The recent ruling by the Allahabad High Court sheds light on this very situation. Here's what you need to know if you're a borrower facing a SARFAESI auction:

Why File a Police Report Won't Help

The court made it clear that filing a police report (FIR) against the creditor or auction purchaser ...

Unraveling the Enigma: Sebi's Auction of Rose Valley's Assets
Posted on Apr 20, 2024

In the intricate tapestry of India's financial sector, recent headlines have been ablaze with news of the Securities and Exchange Board of India (Sebi) gearing up to auction off properties belonging to the enigmatic Rose Valley group. This development not only sparks curiosity but also raises pertinent questions about the intricacies of regulatory oversight, the dynamics of financial governance, and the implications for investors and stakeholders alike.

Exploring the Rose Valley Saga:

At the heart of this narrative lies the saga of Rose Valley, a conglomerate that once held sway over diverse s...

Mastering Financial Stability: A Roadmap to Avoiding Loan Default
Posted on Apr 16, 2024

In the intricate dance of borrowing and lending, the specter of loan default lurks ominously, casting shadows of uncertainty for both borrowers and lenders alike. A default not only tarnishes a borrower's creditworthiness but also sends ripples through the financial ecosystem, impacting both personal and institutional finances. Yet, in a landscape where credit counseling is a rarity and borrowers often find themselves adrift in a sea of conflicting advice, mastering financial stability becomes imperative. In this guide, we'll chart a roadmap to help borrowers navigate the treacherous waters of...

Bank Auction Properties: Updates on SARFAESI Act Modifications You Should know
Posted on Apr 13, 2024

Understanding the Landscape

Investing in bank auction properties has emerged as an enticing avenue for those seeking to acquire real estate at a discounted rate. The recent surge in mega auctions orchestrated by various banks, prompted by governmental and RBI directives to streamline financial records, underscores this growing trend. However, it's imperative to recognize that while these auctions present promising opportunities, they also entail inherent risks. Hence, prospective buyers must exercise prudence and vigilance throughout the process. For an in-depth exploration of the intricacies ...

Unlock Incredible Deals: Explore Foreclosure Auctions in India
Posted in Updates on Apr 08, 2024

Are you searching for profitable ventures to invest in? There's nowhere else to look! Explore the realm of foreclosure auctions in India to find an abundance of properties that are just ready to be purchased at fantastic prices.

India Foreclosure: Your Pass to Unbelievable Offers

Your best bet for getting access to national exclusive foreclosure auctions is Foreclosure India. Our website provides a smooth experience for viewing and placing bids on a wide variety of properties, regardless of your level of experience as an investor or as a first-time buyer.

Why Opt for Foreclosure India?

Vast Se...

What are the Limitations Of Sarfeasi Act Section 36
Posted in Updates on Apr 06, 2024

Understanding the Time Limits of Debt Recovery: A Look at Section 36 of the SARFAESI Act

Ever felt the pressure of a deadline looming? Imagine that same pressure applied to collecting a debt. That's the essence of Section 36 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). This section acts as a vital clockkeeper, ensuring secured creditors** "superpowers" for debt recovery don't linger indefinitely.

The Ticking Clock of Debt Recovery

Think of a borrower as someone who owes you money, and the secured asset (like a hous...

Is Your Property Tax Up to Date? Pune Municipal Corporation Cracks Down on Tax Defaulters
Posted in News on Apr 03, 2024

In an effort to enforce prompt property tax payments and collect unpaid balances, the Pune Municipal Corporation (PMC) will put 32 homes in desirable areas, such as Baner, Balewadi, Lohegaon, and Mundhwa, up for public auction on February 5. This extreme measure is in reaction to a startling Rs 16.02 crore in unpaid property taxes, mostly from commercial buildings.

Defaulters Neglecting Alerts: PMC Enabled to Take Action

Due to persistent non-payment despite several reminders, Municipal Commissioner Vikram Kumar stressed that this sale is the PMC's first attempt at property auctions. In order ...

How is Visakhapatnam Steel Plant Addressing Working Capital Needs Through Land Auctions?
Posted on Mar 30, 2024

From the Visakhapatnam Steel Plant (VSP), exciting news! Have you heard about their creative strategy for handling the demand for working capital? Allow me to explain the specifics.

Here's the lowdown, then:

The 13.75 acres of land that RINL, the organization that oversees VSP, plans to auction off on March 14 and 15, 2024. Why? That is, in fact, a component of their running capital generation plan. The goal of this action is to make money out of the organization's non-core assets.

Let's now analyze the salient features:

  • Land Area: 13.75 acres total, split up into many blocks and plots.
  • Goal ...