Legal Question in Banking Law in India
can the assets of an NPA Limited company be sold to the representatives of the director of defaulter NPA limited company.?
Asked on 7/01/13, 4:59 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
01.07.2013
Dear Sir / Madam,
The SARFAESI Act, 2002 gives sweeping powers to banks and financial institutions to recover their overdue. Under the circumstances, it remains at the bank's discretion whether to sell the assets of the NPA limited company to the representatives of the director of the defaulter.
Regards,
Answered on 7/01/13, 5:06 am
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