Legal Question in Banking Law in India

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

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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

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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

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1)Yes

2)Yes

3) Not necessarily

Answered on 9/07/12, 11:17 pm

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