Legal Question in Banking Law in India

My Company had availed CC OD under CGTSME Scheme in 2017. Due to economic recession followed by COVID-19, we were unable to meet our commitments to the Bank. Since the Government of India had provided relief till 31st March 2021, the bank did cooperate with us. In April 2021, we submitted a proposal to revive the account. However, instead of meeting us, they issues a notice under SARFAESI ACT.. Can bank liquidate ancestral assets?.

Asked on 7/27/21, 10:35 pm

1 Answer from Attorneys

Sanjay. K. Dixit, Advocate. Sanjay K Dixit, Advocate @ Karnataka Bar Council Enrolement No: "KAR/898/2007"

No, unless Co-Parceners came to notice, & signed as this said cannot be executed

Read more
Answered on 8/09/21, 5:29 am

Related Questions & Answers

More Banking Law questions and answers in India