Legal Question in Credit and Debt Law in India

*URGENT*

Whether Agricultural Property can be offered as Collateral Security for Commercial loan if so whether a bank can proceed against the property by the provisions of SARFAESI act.?

Kindly provided supporting cases and judgements.


Asked on 7/29/13, 12:08 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

29.07.2013

Dear Sir / Madam,

I have already answered this query earlier. I will answer it again.

Yes, agricultural land can be offered as Collateral Security for the purpose of Commercial loan and the bank has the legal right to proceed against the property as per the provisions of the Securitization and Reconstruction of Financial Assets & Enforcement of Security Act, SARFAESI Act, 2002.

Regards,

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Answered on 7/29/13, 12:23 am


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