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Sarfaesi act

(Querist) 04 September 2015 This query is : Resolved 
Does bank have rights to proceed under SARFAESI ACT when the District Magistrate have given a judgement , Ordering the Borrower to Pay the amount ( Principal + Tax) and borrower was also ready to pay the amount within said date.
Anirudh (Expert) 04 September 2015
IF the borrower abides by the order of the District Magistrate and makes the payment (principal + interest and not TAX as stated by you) to the bank, why will the Bank take any action under SARFAESI Act? Why are you having that doubt?
Rajendra K Goyal (Expert) 04 September 2015
Whether the Bank has proceeded under SARFAESI Act in contravention of the orders from District Magistrate?

Whether Bank was well aware of the District magistrate?
kosalram (Querist) 05 September 2015
Dear Rajendra sir, Anirudh sir,

Sorry for the inconvenience, i need to correct my query.

After hearing the arguments from both side, Judgement date was fixed.

Bank proceeded under SARFAESI Act 4 days before the judgement.
Anirudh (Expert) 05 September 2015
The bank being a lender to protect its interests can avail as many legal avenues available to it.
kosalram (Querist) 05 September 2015
After the judgement, and after sarfaeci act proceedings bank has again appealed for more interest rate against the judgement.

judgement amount was 12 lakhs
Tender amount 17 lakhs

Loan amount 4 lakhs.

At Present the case is pending in Highcourt.

Pls Suggest me


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