whether sarfaesi act is applicable to cooperative banks
Syed Faisal
(Querist) 19 December 2016
This query is : Resolved
I have been guarantor for loan ,which is ssanction 2014, bank has been invoke sarfaesi act against guarantor for residential house , bank is cooperative bank my question is whether sarfaesi act is applicable to cooperative bank
Rajendra K Goyal
(Expert) 19 December 2016
Sarfaesi Act is applicable and allows banks and other financial institution to auction residential or commercial properties to recover loans.
Hydrabad High court has decided that cooperative Banks can recover.
Visit:
http://www.deccanchronicle.com/150521/nation-current-affairs/article/sarfaesi-act-co-operative-banks
Gujrat High court has decided otherwise.
Visit:
http://www.business-standard.com/article/economy-policy/securitisation-act-not-applicable-to-cooperative-banks-guj-hc-113042200481_1.html
