I request the panel to advise on my issue.
Ours is a Infrastructure construction company borrowed Rs. 13 crores from Bank No -1 and Rs. 7 crores from Bank No- 2.
The collateral security is a agricultural land worth Rs, 80 crores.
The repayment is over due and subsequently has been classified as NPA.
The Bank No 1 ( Consotium leader ) has issued a notice under sarfaesi act.
We have asked for extension of time for repayment but could not repay, later the bank has issued a notice under rule 8 (1) of sarfaesi ie possession notice.
My question is
a) When notice u/s sarfaesi act is issued -should both bankers jointly issue ? with the total outstanding ? In our case only the outstanding of the Bank No-1 is mentioned in the notice.
b) Since the land is agricultural land - proof is patta , tax paid receipt, and the VAO records, can the bank attach the land under Sarfaesi act?
Thanks in advance for your advise.
