Sarfaesi of a housebuilding-abhay pal
Saikat Sen
(Querist) 04 March 2013
This query is : Resolved
Dear Sir/Madam,
A housebuilding property of Mr.Abhay Pal which was given as EM mortgage in our bank as a security for getting cash credit loan of Rs.7.0 lace.During the field visit it was found that an Govt aided primary school is running there by an NGO for last four years.The loan become NPA.
The original deed is kept with us.Can we apply SARFAESI to collect the dues?What measures should be taken?
Thanks & Rgrds,
Saikat Sen,
Sr.Manager,
Axis Bank
ajay sethi
(Expert) 04 March 2013
AXis Bank has good legal team . take their guidance .
you have not mentioned when was EM created?at time of granting loan was any inspection of property doen by Bank . ?
what was the report .?
has premises been given to school subseqently
R.K Nanda
(Expert) 04 March 2013
yes, u can go under safaesi if case is not time barred.
prabhakar singh
(Expert) 04 March 2013
Answer to queries raised by Mr.Sethi.
Raj Kumar Makkad
(Expert) 04 March 2013
If the search report was duly obtained and the owner of the property had mortgaged the property and the loan has become NPA then bank has every right to go for its recovery process under SARFAESI. Move ahead and take the possession of the property irrespective of the possession of a school there.
Saikat Sen
(Querist) 04 March 2013
EM was created during the time of loan sanction & school was running before loan sanction.
