Bank has sold the property(mortgaged) under SARFAESI Act after obtaining Recovery certificate from DRT -Legal validity of the said action (Reference: Transcore Vs UOI-Supreme court of India case judgemen dated 29-11-2006)
Asked on 2/17/10, 1:54 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
There is no bar to the Bank to sell the mortgaged property by proceeding under the SARFAESI Act notwithstanding obtention of Recovery certificate from the DRT. you have youself quoted the Supreme court decision which upholds such procedure. The Bank has to file satisfaction memo in the DRT for the amount realised by such sale.
Answered on 2/17/10, 5:42 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Already advised.
Answered on 2/17/10, 6:45 am
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