Can a plot under the Cealing Act be sold by the bank under the SARFAESI act ????
Under what section is this covered?
Satya Narayana Palukuru (Advocates & Mediators.) 20 May 2011
If the mortgager having valid title the bank can sell the property. The property should be free
from defects and then only the banker also get a buyer.
RAJU O.F., (Advocate) 22 May 2011
If property other than agricultural property is mortgaged to the bank/FI and if defaulted for more than 90 days, bank can invoke SARFAESI Act and sell the property by auction sale.