Legal Question in Banking Law in India

Bank seize the tractor under SARFAESI act 2002 if yes? What is legal process


Asked on 10/01/13, 3:05 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

01.10.2013

Dear Sir / Madam,

Before the bank auctions the seized tractor, you should negotiate the loan repayment and make the settlement, and try to get it released from the bank prior to auction. In case you fail to reach a settlement with the bank, you should immediately give the bank in writing, the minimum reserve price that the bank should adhere to, for the auction of your tractor.

Regards,

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Answered on 10/01/13, 5:40 am


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