Enforcement of security Interest by Decree holder

Under the SARFAESI Act 2002 the secured creditor i.e. the banks and financial institutions themselves are the determining agency of the loan amount and also executing agency of the determined loan amount. Pls. go through sec. 13 of the act of 2002

If there are any further querries contact on 09414072738

The decree holder i(ie)  banker has two options either to proceed with executing the decree in the Civil court / DRC or to proceed under the Sarfaesi Act.Both are simultaneously also  permissable (Transcore judgment). But to proceed under the Sarsaesi Act, bank  should  ensure whether the total outstanding is Rs. 1 lac or above /  the property charged is not an agricultural property.  Subject to the above, on complying with the modalities mentioned in Section 13 of the Securitisation Act bank can proceed against the borrower/mortgagor.

SIR

ILL SUPPORT BOTH ABOVE STATMENTS GIVEN BY OUR MEMBERS