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Enforeability on community based properties
29-Aug-2023 (In Recovery Law)
What are the problems a bank face on enforceability and disposing the property under SARFAESI Act on properties sold within the communities only as per the by-laws of the such societies. What is the best way to safeguard the interest of the bank
Dear sir, those are ridiculous bye laws and against the law which restrict access to particular community. While enforcing security interest you cannot mention anything like this in any of your notices. However, when inspection is fixed the prospective purchaser may make his own inquiries and Bank need not to bother about the same. you may treat this enforcement as usual as you do in respect of other assets.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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