India  |  Banking Law

Legal Question

Asked on: 5/11/13, 10:47 am

under sarfaesi act whether movables can be sold without taking actual physical possession

2 Answers


Answered on: 5/11/13, 11:04 am by J. Radhakrishnan

How can movable a be sold without taking possession. If the movable a are pledged they are outside SARFAESi Act, if they were hypothecated they have to be taken possession first. Otherwise the same cannot be sold when the bank cannot deliver possession on sale of the same.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


independent Practice Priya Mahaall, New 27, Old 12/3, Deivasigamani Street Chennai, NUS 600014

Other answers from this attorney

Answered on: 5/12/13, 3:43 am by Fca Prashant Chavan

12.05.2013

Dear Sir / Madam,

The bank is authorized to sell the entire security pledged and hypothecated with it on "as is where is" basis. Once the sale is completed, all encumbrances on the entire property - immoveable and moveable assets, whether the bank takes possession or not, are transferred to the purchaser in the auction.

Regards,


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Expert Edge LLP prashant.pscl07@gmail.com "always A Step Ahead", Mumbai 52

Other answers from this attorney

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

125 Answers given in the last few hours.

8663 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search