Enforcibility of Nagarparishad patta for EM & SARFAECI
Saikat Sen
(Querist) 15 March 2015
This query is : Resolved
Chotu Lal Gujjar gas offered a nagarparishad patta for EM to our bank for his cash credit facility.During field inspection it has been found that the patta is using for commercial purpose(hotel).But as per the patta it is mentoined that the use should be domestic not commercial.May Bank can EM this property?SARFAECI is possible or not?.May the NOC from Nagarparishad is suffice or any extra precaution should be taken.Pls advice.
Saikat Sen
(Querist) 15 March 2015
Pls read SARFAESI instead of SARFAECI.
Rajendra K Goyal
(Expert) 15 March 2015
T.M.Manicka Naicker Vs N.J.Chandrasekar etc. (HIGH COURT MADRAS DATED: 24/06/2003)
“ therefore, mere patta alone cannot confer title, but coupled with the other documents of title deeds, the patta would also go to prove the title of a person to a particular property.”
Only patta is not title of property, sale deed is required with it for title and equitable mortgage.
If Bank is having proper EM it can proceed under SARFAESI.
Saikat Sen
(Querist) 15 March 2015
Bank has both patta & deed but the main concern is the use of is commercial but it is alloted for domestic use.May it create any problem for EM creation?
Rajendra K Goyal
(Expert) 15 March 2015
Repeated query:
http://www.lawyersclubindia.com/experts/Enforcibility-of-Nagar-Parishad-patta-for-EM-SARFAESI-528346.asp#.VQWghtKUePw
Saikat Sen
(Querist) 16 March 2015
Mr.Goyal:What's do u mean by writing repetition?I want to knw one thing u reply other things.Things r not at all clarified properly.So pls reply specifically
Rajendra K Goyal
(Expert) 17 March 2015
I did not noticed it was repeated, no reply to repeated query.
T. Kalaiselvan, Advocate
(Expert) 18 March 2015
