Sarfeasi Act 2002
Dharmendra Jain
(Querist) 08 November 2009
This query is : Resolved
My company (here is called borrower )have taken Term loan from Riico ( Financial Institution)and working capital facilities from Nationalise bank's branch . Riico have first charge on immovable assets of the borrower,and Nationalise bank have 2nd charge on immovable assets of the borrower and Nationalise bank have also 1st charge on current assets of the borrower.
Besides above one pvt. limited company give corporate gurantee in favor of borrower to Nationalise bank against working capital facilities provided by the Nationalise bank to the borrower.
pvt. limited company also mortagaged his immovable assets to Nationalise bank,where as pvt ltd company have not taken any loan from the Nationalise bank .
Is nationalised bank can take possession of the immovable property of a private limited company under sarfeasi Act 2002. who have not taken loan but mortaged his immovable property.
