Sarfaesi act

Abhijeet (Querist) 25 February 2015 This query is : Resolved
Whether SARFAESI Act is applicable to State Industrial Development Corporation's property and Whether Section 30(E) of Said act is applicable to said property. State Industrial Development Corporation Leased their property to Lessee, can bank apply SARFAESI Act to said Property. Any Supporting Authority Please share.

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R.K Nanda (Expert) 26 February 2015
state real facts of case.

malipeddi jaggarao (Expert) 27 February 2015
Whether this property is mortgaged to the Bank or not? Clarify. If it is mortgaged, they have the right under SARFAESI Act. They might have obtained legal opinion at the time of taking mortgage.

T. Kalaiselvan, Advocate Online

(Expert) 02 March 2015
The leased property belongs to public sector owned by government so better to go through the lease agreement as well as the loan terms and conditions while grant of such loan.

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