Purchase under sarfaesi
deepa
(Querist) 14 August 2013
This query is : Resolved
I want to purchase this piece of land from a bank under SARFAESI. The said land in question was agricultural land and the Borrower was given authority by the land authorities to utilise land for industrial purpose within a time period of 5 years.
However the loans taken by the Borrower turned NPA and the bank now wants to sell this land on as is where is basis. The time limit given for setting up industry has expired.
How do I go about purchasing this land?? Any advice?
Devajyoti Barman
(Expert) 14 August 2013
Since there is some restriction in user of the land in a particular time, it is better not to go for it unless you use it for industrial purposes only.
The said period of five years commence afresh from the date of your purchase. Do take information from the concerned authority first before purchasing it on this issue.
R.K Nanda
(Expert) 14 August 2013
do not purchase said land as its title is not clear.
Nadeem Qureshi
(Expert) 14 August 2013
I completely agree with experts
Rajendra K Goyal
(Expert) 14 August 2013
Repeated query:
http://www.lawyersclubindia.com/experts/Purchase-of-land-under-sarfaesi-415761.asp#.Ugud4z-Lq_I
