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VALUATION PROVISIONS OF SARFAESI ACT
31-Jul-2023 (In Banking / Finance Law)
When bank obtains two valuation report from two different valuers on the same day which valuation price should be considered for fixing reserve price; lower one or higher one or their average?
Bank has complete discretion on this aspect of valuation, because it has to draw such a reserve price which can attract buyers, to dispose off at earliest to compensate itself over the losses. Moreover I, a valuation report is never an accurate one, hence the bank will be right in dealing with it as per applicable provisions of law.
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