Brief case: Creditor has no role after property sale

A weekly selection of key court orders

The Calcutta High Court has ruled that a secured creditor who sells the mortgaged property has no interest in the immovable property after the issuance of the sale certificate. He cannot approach the district magistrate to get possession of the property invoking Section 14 of the securitisation (“Sarfaesi”) Act. “After the sale, the secured creditor can no longer claim a security interest in such immovable property as such security interest stands dissolved by the issuance of the sale certificate. 

The title to the immovable property stands transferred to and vested with the purchaser. There remains nothing more to be done by