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Corporation Bank, Jamshedpur, auctioned M/S. S.B.Engineering property under SARFAESI Act,2002 on 21.10.2016. Successful bidder M/S UK Mechanical Engineering Pvt. Ltd. from 25.10.2016 till date struggling. Numerous communication has been made by M/S UK Mech Engg to bank but didn't receive any answer. Neither they are getting physical possession of property nor their fund back. Banks have the right to deploy 'Recovery Agencies' (MAAFIA) for recovery or auction the property of defaulter. Don't you think Banks in India are the biggest cheater with the help of law, they are the legal maafia? Shall we deploy a recovery agency as bank does? In this case what do you all suggest to do?
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