Sarfaesi act 2002
This query is : Resolved
13 January 2012
when is a bank eligible to sell secured assets under SARFAESI Act, 2002
13 January 2012
MR. XYZ has a CC facility from a bank of 1.5 Cr. withdrawn - 95 Lacs
including interest since start outstanding rs. 1.45 lacs.
Amt paid till date 92.5 Lacs. hence balance is 52.5 Lacs.
is the Bank right in ordering sale of assets worth 3 Crores (secured agnst 1.5 cr facilty, interest 16%) after making such payments and promising to pay further....
what are the provisions under this act with regards to the same ??
Please advice.
including interest since start outstanding rs. 1.45 lacs.
Amt paid till date 92.5 Lacs. hence balance is 52.5 Lacs.
is the Bank right in ordering sale of assets worth 3 Crores (secured agnst 1.5 cr facilty, interest 16%) after making such payments and promising to pay further....
what are the provisions under this act with regards to the same ??
Please advice.
18 July 2023
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