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Two loan recovery proceeding against a person


28-Jan-2023 (In Recovery Law)
can any bank / nbfc adopt surfaesi proceeding against me after completing arbitration proceeding against me that is challenged in court and court given interim stay on arbitral award and proceeding is pending.
Answers (1)

Answer #1
702 votes
Dear client In case there is already a stay in your favour. That should protect you from such proceedings. The banks generally give the borrower a 60 day notice perusal to which the assets are declared as NPA and then the banks can proceed under the powers given to them under the Sarfaesi act. Will have to peruse your documents to advice you further on this. Feel free to get in touch to discuss further.
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Advocate Abhinav Sharma

Adv. Abhinav Sharma

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