Legal Question in Banking Law in India
Whether Agri land given as collateral for business loan can attached under surfesee act
Asked on 7/11/12, 5:50 am
5 Answers from Attorneys
Sanjay Kalra
Sanjay Kalra & Associates
YES. Bank will not take anything as a Collateral security if the bank is not be able to attach at a later stage.
Answered on 7/11/12, 7:15 am
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
as per rule, for a business loan, agricultural land cannot be kept as collateral. it is surprising that how the bank did the same. is the borrower an agriculturist?
Answered on 7/11/12, 9:35 am
J. Radhakrishnan
independent Practice
There is no prohibition of mortgaging agricultural land as collateral security for a loan for commercial purposes. However banks do not prefer such security. The reason is that such land cannot be sold under the SARFAESI Act. That is all
Answered on 7/11/12, 10:15 pm
Vivek Mapara
Vivek N. Mapara
Agricultural Land cannot be attached.
Answered on 7/11/12, 11:30 pm
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