Uday (Lawyer) 06 January 2010
Dear Friends,
We being a secured creditor, possessed a property in the year 2007 and the property is in our custody since then. There are no purchasers to the property till now. We have also deployed security to that property. Can you pls let me know whether we can use that property for keeping the Records. If no pls let me know the reasons. Kindly let me know the pros and cons.
Daksh (Student) 06 January 2010
Dear Mr.Uday,
As it is evident from your mail under reply there is no purchaser available for the property in question. In my considerate view you may either opt for Advertisement for the purposes of conducting sale of the same or in the alternatively you may contact the Asset Reconstruction entities for this purpose. If still there is no luck then you may consider hypothecation of the same to reap some financial benefits.
Thanks and best regards
Daksh
Nali Seshu Kumar (SOCIAL WORKER) 06 January 2010
securatisation act not applies to the all secured creditors ,as per the query you have possessed the property it isopen to you to brought the suit and put the property in public auction with wide publicity in thatevent you have also a right to participate in to the auction and set off the claim automatically the owner ship changes to your name there after it is your choice further .
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