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
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.
R.K Nanda
(Expert) 26 August 2012
In the absence of a stay order in ur favour bank can take the possession of vehicles.