assingment of loan

Querist : Anonymous (Querist) 08 July 2010 This query is : Resolved
facts:
A public limited sick co. has paid its one time settlement dues of IFCI Ltd. through a third party which is neither a asset reconstruction co. nor a non banking finance co. (NBFC). Third party is only a co. registered under companies act, 1956 in private sector

Question:
whether loan assingment by IFCI in favour of third party is permitted under relevent laws (SARFAESI act) etc.?

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Chanchal Nag Chowdhury (Expert) 10 July 2010
Yes. It can. There is no provision in (SARFAESI Act) to bar such assignment.

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