SARFAESI Act
Harshpal
(Querist) 14 October 2010
This query is : Resolved
My bank has taken possession of my movable assets under SARFAESI. They are perishable in nature the bank is supposed to take steps for their preservation but bank is not taking any steps inspite of my requests. What should i do? Can i file mandamus writ in HC
Harshpal
(Querist) 14 October 2010
Central Bank of India
R.Ranganathan
(Expert) 15 October 2010
The Bank has to account for the value of the moveables, if it perishes. You ask them to adjust the said amount by giving notice, if they are not taking any steps for preservation.
Harshpal
(Querist) 15 October 2010
Dear Mr. Ranganathan
Thanks for your valuable advice.
How value will be ascertained. They did not make the inventory at the time of taking possession.
Now the bank is taking the stand that the possession was symbolic. Whereas there is no provision for symbolic possession of movables under SARFAESI
Chanchal Nag Chowdhury
(Expert) 15 October 2010
Move the DRT or civil court depending on the value of the goods.
pawan sharma
(Expert) 15 October 2010
yes depend on the amount of the lone .
Manish Singh
(Expert) 15 October 2010
they are in possession of the the asset along with the right to transfer it. its astonishing that they have not made any inventory of the asset yet since you must be having a copy of the inventory otherwise how the debts are going to be satisfied as per your satisfaction. you must move an application in the DRT against the same.
Harshpal
(Querist) 15 October 2010
Under which provision can I go to DRT as more than 45 days have elapsed after bank has taken possession under 13(4)
Kirti Kar Tripathi
(Expert) 16 October 2010
you can even go to HC seeking mandamus against the Bank.
Harshpal
(Querist) 16 October 2010
Dear Mr. Tripathi
Suggest some good lawyer for Nainital High Court
Kirti Kar Tripathi
(Expert) 17 October 2010
sorry, i am unable to suggest any lawyer at Nainital.
