Legal Question in Banking Law in India

Is it possible / permissible for a banker to take direct physical possession of a security under section 13 [4] and/or 14 of the sarfaesi act 2002, without symbolic possession & taking clearance from chief judicial magistrate and without paper publication of symbolic possession


Asked on 11/01/10, 9:02 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

Instead of taking symbolic possession, the Bank can also take physical possession. As the borrower may resist, it is safer to take the order of a Magistrate for taking physical possession.

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Answered on 11/02/10, 3:51 am


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