Does SRO has right to cancel the registration of property?

We have registered the property from my friend because he has to pay some money but that property having the loan from private bank still we make registration and now bank has knowing the truth registration has been done to some person without clearing the existing loan or without intimating to them . Now they went to sub register office they are questioned why you people are registered the document you needs to check the EC so i will file a case on sro .. now sro stating that we have received complaint so we will cancel the property without getting at least court notice. Whether sub register having authority to cancel the registered document without signing the both parties? If found fraud without having court order SRO having rights to cancel the document?