What can I do if bank auctioned property below market value?
Bank auctioned secured asset for 25% of the market value in October 2015. The purchaser mortgaged the property to another bank in November 2015 and availed loan Rs.8.50 Cr. The valuator given the market value of the property was Rs.9.81 Cr, which was mentioned in sanction letter. We came to know the fact in 2022. Original application was pending before the DRT still. What are the options available to a borrower/guarantor in this regard.
If the borrower/guarantor believes that the second bank has acted in a fraudulent or unethical manner, they can file a complaint with the Reserve Bank of India (RBI). RBI has the power to investigate such complaints and take action against banks that are found to be in violation of regulations. You can contact us on helpline number to talk to a lawyer.
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