Dear experts,
I am new here in the forum, and this is my first post here. I am a Finance Professional (PSU Banker , rather Credit Assessment Officer), so please pardon my ignorance of posting here ( And if I am violating any forum rules)
One of my client has created Equitable Mortgage with us for securing a limit of Rs 2.50 Crores and has now approached us for enhancement of limit to Rs 4.00 Crores, however it was previously known that the borrower doesn't have a sanctioned building plan.
According to the borrower the building on the captioned property mortgaged with us was constructed in 1965 , and at that time it was under Gram Panchayet jurisdiction and there was no provision of any sanction plan , however BLRO Mutation, Property Tax Conversion are all available in the name of the borrower.
My question is , will there be any issue in enforcement of SARFESAI initiation if we extend mortgage (In absence of Sanction plan) now ?
I request seniors and experts to kindly provide inputs in this regard and help me, with citation , case / appropriate sections/law for reference please...
Regards
Abhishek
