my company had a consortium banking facility with a nationalised bank and a co operative bank with pari passu charge of asset . Nationalized bank is the lead banker in consurtium with 69 % share and 31 % share is co operative bank . companies account is classified as NPA .
Q1 . can the nationalized bank under SARFAESI act apply for possession of mortgage asset with 69 % share
Q2 . can co operative bank come under SARFAESI act
Q3 . dose co operative court come under action also simaltaniously
Asked on 9/07/12, 1:32 am
3 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) lawnrajiv@gmail.com
both, the nationalized bank and co operative bank may apply for appropriate orders under SARFAESI Act.
Answered on 9/07/12, 1:41 am
J. Radhakrishnan
independent Practice
The nationalised bank cango for SARFAESi proceedings.Co-operative Bank also can go for such proceedings
Answered on 9/07/12, 4:28 am
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
1)Yes
2)Yes
3) Not necessarily
Answered on 9/07/12, 11:17 pm
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