Legal Question in Credit and Debt Law in India

Under sarfaesi act 2002, bank can sell property by private treaty sale i.e under rule 8(5)(d). what is the procedure of the same and since the property in possession of the bank borrowers consent is necessary or not. In my view the if the bank wanted to sell the property by borrower consent then the powers under the sarfaesi act 2002 diluted because the borrower will not give consent to such sale as his property forcefully possessed by the bank. How to proceed with the private sale in this situation and any judgement is there regarding the same.
Under the sarfaesi act 2002 the rule 8(5) (a to d) are provided for the sale of immovable property. When the rules are there and bank has taken possession of the property then why the recource of private sale treaty without the consent of the borrower is not available to the bank. What is use of legislation.
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Asked on 7/27/13, 2:38 am

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27.07.2013

Dear Sir / Madam,

Bank's written consent to the sale is essential.

Regards,

Answered on 7/27/13, 5:18 am

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