Sarfesi act

Greetings,

A bank has the authority to auction and sell the tribal property under The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. Sarfaesi Act is above tribal land laws, A property belonging to a Scheduled Tribe person can be sold under the Securitisation and Reconstruction of Financial Assets and Enforcement (Sarfaesi) Act. In the case of  UCO Bank vs Dipak Debbarma, the Hon'ble Supreme Court held that the sale of such asset does not violate laws protecting property of tribal people.

Hope this helps. 

 

Yes, it should be sold only on an auction, because the Borrower or Guarantor or even Applicant or Co-Applicant knowingly stood or borrowed money for his work to be fulfilled by only financialassistance from any bank, banks money is public money so the when SC or ST person shall not to be deprived to take advantage for reasonable causes. As such it should be sole responsible for those people belonging to particular Community may be SC or ST for repayments of loan dues, if or when availed. benefits, unless either they shall be deprived of banking utilities and simultaneously put them backwards gradually. But in case of non-payment, due to any reasonable untoward or unwarranted situation occurs, ultimately the country and its citizens will sustain loss. Hence the property/ ies should be sold on auctions after giving ample opportunities to the victims. So its a good step for welfare of society at large. Many more people belonging to such communities are either poor and self sufficient.