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SARFAESI Act Non compliance -Delayed refund-interest loss/mental torture .

Location/place: 46-Pudur, Erode638002 Tamilnadu

Name of company/service: International Asset Reconstruction Co.P Ltd

I offered to purchase under private offer a houe propety acquired by IARC,MUMBAI under sarfaesi Act. At the time of offer, there was a pending suit filed challenging the title of the mortgagor.This was not disclosed to me and IARC telephonically informed me to remit the amount.I remitted part payment of Rs.110 lacs thro RTGS on 30-3-2010. I came to know the defective title before I accept the offer therefore I did not sign their offer letter. I requested them to deliver defect free tile to enable me to remit the remaining price. IARC did not reply my emails,letters either positively or negatively for 15 months.Thereafter, they advised me to remit the balance otherwise I would forefeit the amount.I was ready to pay the amount provided IARC deliver to me defect free sale deed for the property, but IARC did not give proper reply.I served lawyer notice for refund of amt paid with interest or issue sale certificate undertaking to indemnify me in the event of any loss o/a defective tile.After persistance telephone calls,I could get the money on 29-12-11 without interest.The amount remitted is my NRI son’s earnings and I offered to purchase the property on his behalf.I am 69 years and undergone mental torture on account of IARC’s diffiant approach. I also written to Grievence Cell RBI, Mumbai and they advised me to proceed legally to get justice. Legalproces is a time consuming affair and hence my appeal to your for justice. I have copies of correspondences pertaining to this transactions and you allow my request, I shall send the papers. I need full address to whom I should foward. My email address: [email protected] e.p.subbiramaniam

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