sarfaesi act

Querist : Anonymous (Querist) 21 October 2009 This query is : Resolved
Is there any time limit for conducting auction by the bank after taking possession of the property under sec 13(4)0f SARFAESI ACT? How long can the bank charge interest after taking possesseion ? Can they charge interest after taking possession and not conducting auction till 4 years?

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Raj Kumar Makkad (Expert) 21 October 2009
Bank is legally entitled for charging interest upto the actual date of its debt realization. If property was not auctioned for 4 years after taking its possession then definitely the benefit of escalation of cost of property must have been gone in favour of mortgagor.

Adinath@Avinash Patil (Expert) 22 October 2009
I AGREE WITH RAJ

Sachin Bhatia (Expert) 22 October 2009
agree with Mr. Raj

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