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Can a banker auction a factory which insured under cgtmse

(Querist) 19 September 2017 This query is : Resolved 
1- Can a Banker Action a Factory which is funded under CGTMSE Scheme.
2- If yes, than why this Loan covered under CGTMSe and pay insurance amount to CGTMSE.

Need expert advice because a factory is under this condition.

M.C. Pandey
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Rajendra K Goyal (Expert) 19 September 2017
CGTSME benefit / cover is for the Banker and the scheme is launched to promote SME sector by the government and to encourage Bankers to finance this sector.

Bankers can take all steps to recover its loan from borrowers including auction of the asset even it is covered by CGTSME.

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