Query on equitable mortgage

santosh (Querist) 09 February 2015 This query is : Resolved
A customers has approached for Bank finance for setting a rice mill in west Bengal. they have purchased 167 decimal agriculture land vide a single deed in the name of company for setting up rice mill.
only 137 decimal land has been converted and mutated for rice mill in the name of company. Rest of land 30 decimal is the part of road and has not been allowed for conversion.
As such in a single deed has some agriculture part.
Now in West Bengal, whether we can create equitable mortgage by deposit of aforesaid title deed.
if yes, whether SARFAESI Act can be initiated in case of NPA because in a single deed has some part of agriculture land.

Follow Query

Report Abuse