Legal Question in Banking Law in India
Under the SARFAESI Act, any personal guarantee by a promoter director, who had long back resigned be affected. Can he get relief?
Asked on 12/04/09, 3:10 am
3 Answers from Attorneys
Under SARFAESI Act a bank cannot proceed against a property which is not mortgaged, eventhough it belongs to the director of the company against which the proceedings under the act is taken.
Answered on 12/04/09, 12:21 pm
J. Radhakrishnan
independent Practice
If the director as guarantor has not mortgaged his property as security for the company's debt, SARFAEASI Act cannot be invoked against him.
Answered on 12/05/09, 8:45 am
Pravin Vaidya
Independent
SARFAEASI Act applies/useful only for the enforcement of securities charged to the Bank/FI by the borrowers & guarantors
Answered on 12/08/09, 6:47 am
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