Legal Question in Banking Law in India

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

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

2 Answers from Attorneys

J. Radhakrishnan independent Practice
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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.

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5/11/13, 11:04 am
Fca Prashant Chavan Expert Edge LLP
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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,

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5/12/13, 3:43 am

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