Legal Question in Banking Law in India
What are the implications for a loan account holder if the bank declares the loan account as npa?
Asked on 10/16/10, 7:53 am
2 Answers from Attorneys
Vishwa Arya
Arya & Co.
bank may issue notice for attachment and possession of the assets. Before bank does any thing you may write to the board for rescheduling or oTS and negotiate
Answered on 10/16/10, 8:21 am
J. Radhakrishnan
independent Practice
If there is any mortgage, the bank will proceed to take possession of the mortgaged property under the SARFAESI Act, once the loan is classified by the bank as a non performing asset.
Answered on 10/18/10, 1:35 am
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