Sarfesi act

atul mehta (Querist) 26 August 2012 This query is : Resolved
we have taken loan from nationalised bank. C.C.limit and term loan to buy commercial vehicles.our a/c became npa we were served notices and symbolic possesion was taken of collaterals now can the bank take reposesion of vehicles

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prabhakar singh (Expert) 26 August 2012
yes!Bank can take over physical possession too and can proceed for auction also.

Advocate M.Bhadra (Expert) 26 August 2012
If notice served u/sec.13(4) of the SARFEASI Act by the lending Bank then the borrower can file an application u/sec.17 of the said Act to the DRT for restraining the Bank.