Can a banker auction a factory which insured under cgtmse

Mohan Chandra Pandey (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

Follow Query

Report Abuse

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.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Property purchased in surfaesi auction of the bank
Regarding conversion of small factory in to large factory
New factory establishment
Online auction site of other country in india.
Emd forfeited in failed auction under sarfaesi act 2002
Property on auction sale
Obligation of banker under dbod guidelines of rbi
Liability of banker for wrongful remittance
Default - cgtmse loan
We want to use ethanol(ethyl alchoal) at our factory for water plant ,do i need to take permission