Legal Question in Banking Law in India
After auction of house property under Sarfaesi Act, can the bank with hold borrowers money afterwhich has been received from the sale proceeds realised from the auction money after adjusting to the loan and closing it?
Asked on 7/31/14, 8:38 pm
2 Answers from Attorneys
No. Immediately bank has to credit the the amount in sellers a/c.
Answered on 8/01/14, 12:08 am
Fca Prashant Chavan
Expert Edge LLP
01.08.2014
Dear Sir / Madam,
No. The Bank is supposed to immediately credit the surplus monies remaining after repayment and settlement of the loan amount to the A/c of the borrower within 30 days of the loan settlement.
Regards,
Answered on 8/01/14, 5:04 am
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