ATTACHMENT OF PROPERTY
i) Civil Courts have power to attach immovable properties belonging to the Defendants/Judgment Debtors in various types of Suit and Execution proceedings, under the civil procedure code.
ii) (Karnataka) State Finance corporation can approach Civil Court for Recovery and attachment of property U/S 31 of State .Finance Corporations Act, belonging to the borrowers/ guarantors.
iii) State Governments have powers to attach properties under various State Land Revenue Acts, to recover state dues, public money etc., from defaulters.
iv) Income Tax, V.A.T, central excise authorities also have power to attach immovable properties of the assesses for recovery of Tax dues.
v) Banks have power under Securitization Act, to prohibit sale before taking possession and sell the mortgaged properties of the borrower/guarantor.
Attachment of Immovable property is made by an order prohibiting the owners from selling or transferring or charging the property in any manner. Sale/Transfer in contravention of attachments is void and an unaware Purchaser/Transferee shall not derive title unless the claim against the properties discharged otherwise the same shall be liable to be sold.
Attached property is ultimately sold for satisfaction of dues, loans or court decree, as the case may be.
Beware while purchasing an Immovable property this risk may be involved which is difficult to discover.
===========================================
CAVEAT
1. Where any person apprehends that some other person is likely to file a civil suit or proceeding in Civil Court, then he/she (caveator) can file a Caveat Petition before the court.
2. In the said Caveat Petition it can be prayed that the person specified in the Caveat as the Opponent, is likely to file a suit or proceeding against the Caveator and that in case such a suit if filed, then the court may afford an opportunity of hearing the Caveator before passing any ex-parte order in the suit or proceeding.
3. The Caveat Petition is valid only for a period of 90 days and thereafter another Caveat Petition can be filed from time to time.
4. Caveat can be lodged only in Civil Courts. No Caveat is permitted in Criminal Courts.
5. Caveat can also be filed in Trial Courts, Appellate, including High Courts and Supreme Court.
6. During the Caveat period, the court shall be obligated to issue notice to the Caveator of the suit, proceeding and interlocutory application etc., filed by the Opponent.
7. Caveat is filed U/s. 148 of CPC. The person who files the Caveat is known as the Caveator.