Sarfaesi

LAWYER ASSOCIATES (Querist) 10 July 2020 This query is : Resolved
I have a Karate coaching school on property located in Municipal Corporation, There is no land revenue record or khasra numbers and not fard intkal, a notice is being served on us under sarfaesi act for possession of property. 1. Now is there any soluton for us? and 2. Whether our property comes under sarfaesi act?

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This discussion addresses concerns about a SARFAESI Act notice served on a Karate coaching school. The owner lacks traditional land revenue records and is unsure if their property falls under the Act. Key questions revolve around whether the noticee is the principal borrower or guarantor, and what documents were mortgaged. While a rumour about a stay on property possession and sales until March 2021 was mentioned, it's clarified that only EMI concessions were granted, not a halt on recovery actions. If a sale deed was mortgaged, the property is indeed attached, and banks can proceed with recovery unless an injunction is obtained.

Dr J C Vashista (Expert) 11 July 2020
Whether the noticee under the provisions of SARFAECI Act is principal borrower or guarantor of the loan advanced by Bank ?

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Dr J C Vashista (Expert) 11 July 2020
What are the documents mortgaged with the Banker at the time of sanctioning / advancement of loan ?

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LAWYER ASSOCIATES (Querist) 11 July 2020
1. Noticee is principal borrower 2. Sale deed of the property

LAWYER ASSOCIATES (Querist) 11 July 2020
One of my friend is saying that Govt has stayed possession and sale of properties under sarfasei act till 31 march 2021?

P. Venu (Expert) 11 July 2020
The facts posted are disjointed and suggest no context for the SARFAESI Notice.

SHIRISH PAWAR, 7738990900 (Expert) 11 July 2020
Hello,

Government has only ask banks to grant concessional period for payment of EMI. There is no notification about possession and about selling of properties.

If you mortgaged sale deed of property then the property will be attached. If mortgagor does not have title in the property in that case there will other legal actions in addition to recovery.

Rajendra K Goyal (Expert) 11 July 2020
Who has taken the loan?

Who is owner of the property?

Bank may proceed till injunction not taken from competent authority.

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