Legal Question in Banking Law in India

SARFAESI act

We own a property in native and acquired a loan on that property with keeping the land as security later the security which has been kept is grabbed by a person with his influence so we stopped paying the intrest so bank people gave notice as per SARFAESI act we have acquired this preoperty and till now they are not taking any active action as the loan is 10 lac and property worth around 20-25 lacs is there any way to escalate this issue to the higher official of the bank so that they can take immeadete action and please let me know the possibilities involved in this situation , waiting for your reply thank u so much in advance


Asked on 7/15/09, 8:40 am

4 Answers from Attorneys
Pranav Desai PD Legal & Associates

Re: SARFAESI act

Yes you can highlight the issue to bank officials.

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Answered on 7/18/09, 3:19 am
J. Radhakrishnan independent Practice

Re: SARFAESI act

yes, you can bring to the notice of higher officials of the Bank to proceed further in the matter.

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Answered on 7/15/09, 8:39 pm
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: SARFAESI act

As long as the property was held as security and is in the custody of the bank you should not bother about the status of it.But if it is under your possession you may seek for the relief by intimating the bank officials about the same.

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Answered on 7/16/09, 11:32 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: SARFAESI act

To recover its dues, the bank may take possession of the mortgaged property and may sell the same by open auction.

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Answered on 7/15/09, 11:16 am


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