Sarfaesi
Ritika singh
(Querist) 21 June 2013
This query is : Resolved
1) i am a bank. A company has debts both against me and an asset reconstruction company(ARC), though title deeds on same property secured with me only.
2)the ARC wants to proceed under sarfaesi and is requesting me to release the deeds.
3) the IRC has proposed to give me my share of debt from surplus sale proceeds of assets that is will receive.
4)is such a proposition enforceable in law?
can a secured creditor get surplus from teh sale proceeds than what is due to him? is surplus to be returned to borrower by any chance?is such an agrrement possible between me and teh bank.
some light on the above propositions will be very helpful.
Nadeem Qureshi
(Expert) 21 June 2013
Dear Ritika
you can easily bear consultation fee, so contact a lawyer personally
R.K Nanda
(Expert) 21 June 2013
consult local lawyer.
Rajendra K Goyal
(Expert) 21 June 2013
The property is mortgaged with the Bank. Other entity enter into the shoe of lender if it pays the debt of the Bank. Under the circumstances I doubt the ARC can proceed for the property mortgaged with the Bank.
Raj Kumar Makkad
(Expert) 22 June 2013
Better to obtain the opinion of our penal lawyer.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 22 June 2013
