Legal Question in Banking Law in India

assignment under SARFASEI

ARC qcuires debt from Bank for certain consideration.The borrower agrees to pay the same with interest and executes loan agreement with ARC. In the event of default by the borrower arc wishes to sell sell the asset . Is this in order?


Asked on 12/06/08, 3:32 am

5 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: assignment under SARFASEI

The ARC can be entitled to recover in accordance with the law.

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Answered on 12/17/08, 5:42 am
J. Radhakrishnan independent Practice

Re: assignment under SARFASEI

ARCs have same rights as banks in enforcing the security interest under the SARFAESI Act. For the default of the loan assigned to it whether or not it is renewed or confirmed by the borrower by separate agreement with the ARC, ARC has the right to enforce the security interest by following the procedure under Sec.13 of the SARFAESI Act.

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Answered on 12/06/08, 10:10 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: assignment under SARFASEI

contact a banking lawyer

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Answered on 12/06/08, 8:38 am
Nasir Butt Nasir Law Associates

Re: assignment under SARFASEI

Property can be sold subject to NOC of banker.

Contact local banking lawyer who will guide you particularly.

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Answered on 12/06/08, 10:22 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: assignment under SARFASEI

The ARC may be entitled to proceed with recovery in accordance with law.

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Answered on 12/07/08, 5:45 pm


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