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MANOJ HARIT (LAWYER)     16 September 2010

Sarfaesi Act - 2002

Resp. Experts,

Can the Bank proceed to take possessions of mortgaged properties where the borrower has offered to sell the same & deposit the proceeds to the loan accounts. If no what is the defense available to the borrower under the present framework of law? 



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 7 Replies

Deepak Kumar Vasudevan ((Confidential))     16 September 2010

I think there are conflicts with the Act and your condition. Pl. find attached a copy of the Act.


Attached File : 10 10 securitisation.pdf downloaded: 472 times
1 Like

N.K.Assumi (Advocate)     16 September 2010

Refer to section Section 13 of the SARAFESI act.

1 Like

MANOJ HARIT (LAWYER)     16 September 2010

Resp. Mr. Dipak Kumar Vasudevan,

 

Thanx a million for providing a copy of Act.

 

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     16 September 2010

The best way is give notice to the bank about your intention to sale with reason that bank has no experise in selling properties so in the process value of property will plummet.

They will listen or DRT will give you relief on this condition alone.

1 Like

Naresh Chandra Goyal (Chairman)     02 October 2010

S.13(4) of the Act of 2002 provide where you give valuation report .Application to the authorised officer .If he does not consider then move application to P O U/S19 of the Act 2002 you may call 9414072738 for further enquiry.

TVD Rajkumar (Advocate)     04 October 2010

"borrower has offered to sell the same & deposit the proceeds to the loan accounts. "

Lets be practical 

You are ready to get a better deal for the property and not against sale of the property... then when the Bank puts the prop on auction why could you not bring the same your buyers to participate in the auction  ??

This is an old trick....

Mind you DRT can interfere, only, if there was violation of the procedures laid down under the SARFAESI Act and not otherwise (though every DRT interferes even otherwise, that's a diff story) DRT's powers are very limited...

A recent decision of the Apex court would be worth reading United Bank of India Vs Satyawati Tondon (2010) 8 SCC 110 decided on 26/7/2010

Hope this helps.....

1 Like

PSB (OFFICER)     06 July 2011

Resp. Experts,

Borrower offered to mortgage a title deed pertains to lal dora area"s residential plot in a village for housing loan. Will sarfaesi act applicable on that land or not?

                                                                              with regards!

                                                                                                                                   PSB


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