Sarfaesi

Harshpal (Querist) 21 August 2012 This query is : Resolved
Our Assets were in symbolic possession of the bank. The bank officers came to our factory on 18/08/2012 with out informing us and broke open the locks and has taken the physical possession of our assets. Can the bank do this

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R.K Nanda (Expert) 21 August 2012
Yes, they can do it.

Devajyoti Barman (Expert) 21 August 2012
Without expiry of the time in a notice u/s 13(2) of the Act and subsequent notice u/s 13(4) of the Act, the Bank can not come attaching the properties.

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