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Sarfaesi Act
01-May-2023 (In Property Law)
Party Mr. A took a loan from bank for business. Mr.A mortgaged properties to the bank. Mrs.A and Mr.B (son of Mr.A) also were co-borrowers. Business tanked and court attached properties that were mortgaged.
Two scenarios : (1) Mr.A had some properties that he did not mortgage to the Bank. Before being declared NPA, Mr.A transferred those properties to his Daughter Ms.C. Can bank attach these properties post declaration of NPA (2) Mrs.A (co-borrower) inherited a property from her father after. This was done while bank was trying to take over the properties. At that time, Mrs.A inherited a new property. She immediately transferred the property to her minor grandson. Can bank stake claim on this property?
Two scenarios : (1) Mr.A had some properties that he did not mortgage to the Bank. Before being declared NPA, Mr.A transferred those properties to his Daughter Ms.C. Can bank attach these properties post declaration of NPA (2) Mrs.A (co-borrower) inherited a property from her father after. This was done while bank was trying to take over the properties. At that time, Mrs.A inherited a new property. She immediately transferred the property to her minor grandson. Can bank stake claim on this property?
Since Mr. A is no longer owner of the properties bank can't attach these properties. I presume all legal formalities were completed for transfer of properties and bank cannot claim properties transferred in name of minor grandson.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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