what is the position of the un secUred lenders if a company is sold away by the banks under SARFAESI ACT 2002.THE COMPANY WAS NOTORIOUSLY SOLD AT A LOWER PRICE TO EVADE THE UNSECURED CREDTIORS ,WHAT IS THE REMEDY TO THESE UNDER CONSTITUTIONAL LAW.
K.VENKATESWARRAO (personal) 12 December 2010
what is the position of the un secUred lenders if a company is sold away by the banks under SARFAESI ACT 2002.THE COMPANY WAS NOTORIOUSLY SOLD AT A LOWER PRICE TO EVADE THE UNSECURED CREDTIORS ,WHAT IS THE REMEDY TO THESE UNDER CONSTITUTIONAL LAW.
Yogesh Anand (Head- Legal AVP) 23 August 2012
unsecured creditor is always at the risk of loosing money if co. goes bankrupt. the bank which has sold the property must have taken all steps and precautions under the SARFAESI ACT while selling it by auction.
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