Sarfaesi act

kosigi rama murthy (Querist) 27 May 2013 This query is : Resolved
A leased property is mortgaged to the Bank as permitted by lease deed. The property belongs to Maharastra Industrial development authority. The land was allotted for setting up of a power plant. Can the financing bank invoke Securitisation Act to enforce the mortgage to recover dues from the borrower company

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Guest (Expert) 27 May 2013
Being a self employed person, how you are concerned with the case of leased property of MIDA, financing bank or the borrower company?

kosigi rama murthy (Querist) 27 May 2013
At present I am not associated with either party. The matter has come to my knowledge through a Chartered Accountant who has audited the Bank. The issue is can the Bank sell property if so what are the implication involved as the land was allotted for a specific activity?

Guest (Expert) 27 May 2013
Queries of academic nature are not dealt here. You could have got the reply from the CA, himself, through whom you got the information.

Better ask a query pertaining to your own problem, if you have any.

Raj Kumar Makkad (Expert) 28 May 2013
As you have no concern with the query hence no reply against it.

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