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Can forged security be pledged under SARFAESI Act?
06-Oct-2023 (In Recovery Law)
Is authorised officer (ADC ) has a right to pleadge a secruity under SARFAIESI ACT even if secruity is fradulent or forged?
no but you have to prove that this is forged document which is used in the court and in that you can file affidavit under section 340 of the court that the document which is used is forged and fabricated in that case start case against him. for forged document but at last say you have able to prove by doing all this in the court if your honest.
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Adv. Sandeep Singh
Delhi | 100+ Answers
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Long answer short, no you cannot use a forged or fraudulent security for any such purpose whatsoever. That would defeat the entire purpose of the law. The SARFAESI Act is applicable to secured loans given by banking institutions. The purpose of securing the loan with a collateral is to protect the interest of the bank. Giving a bogus security would be inadvisable.
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