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SARFAESI ACT bank can obtain possession of mortaged property
07-Aug-2023 (In Banking / Finance Law)
i mortage a property in a bank.whether bank can take possession of mortaged property by SARFAESI ACT.bank apllied to collector for possession.i am at present at abroad.otice is issued by bank under sarfaesi act.whether bank can sell my property.my house is locked which is mortaged .please tell me the possibilities and power to collector and bank in this matter
Dear sir, once you defaulted then Bank is very much empowered to take possession and sell the same in public auction. Under SARFAESI Act there is detailed procedure prescribed. Once you defaulted, Bank will issue 60 days notice for repayment. If you failed to pay Bank will attempt for possession of property. In case peaceful possession could not be taken for any reason, say suppose you did not handover or premises was found locked, the Bank can apply to District Magistrate for order under Section 14 of the Act. Collector is empowered to take possession through Tehsildar and handover possession to Bank and concern Police Station to provide police assistance for taking possession. If you have locked House, Tehsildar can break open the lock and after inventory of your belongings possession will be given to Bank. It is advisable to consult Lawyer to avoid adverse situation. If your house is in Metropolitan City then Chief Metropolitan issues order for possession or otherwise it is with District Magistrate.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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Hi
If the notice under securitization act is not served to you and you are informed at very last stage, then you can challenge the said procedure before DRT.
You have to come SA to secure your property rights.
Contact for further discussions
If the notice under securitization act is not served to you and you are informed at very last stage, then you can challenge the said procedure before DRT.
You have to come SA to secure your property rights.
Contact for further discussions
Helpful?
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Adv. Rohit Shaligram
Pune | 500+ Answers
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