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Uday (Lawyer)     21 March 2016

Can a secured creditor make alterations to a secured asset

Dear Friends,

A secured creditor possessed the property under the SARFAESI Act. Due to some Vaasthu reasons, the buyers are not willing to purchase the property. Can a secured creditor make material alterations to the building for selling the property. In my opinion, the secured creditor after taking possession of the property, becomes the owner of the property for a limited purpose of selling the property alone and he has to safeguard and maintain the property as an ordinary man of prudence will do. However, I would like the learned forum to give clarity on this. I specifically invite the attention of Mr.C.P.S.Ramachary on this subject.


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