Legal Question in Banking Law in India
If mortgaged property is running hospital is sarfesi act applicable what to do? is there any remedy to pool on for some time
Asked on 1/12/16, 4:26 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
12.01.2016
Dear Sir / Madam,
Yes, SARFAESI Act (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) will apply to a running hospital mortgaged as security to the Bank / financial institution, if in default. An application seeking time extension citing valid reasons thereto, may be made to the Bank for consideration.
Regards,
Answered on 1/12/16, 4:41 am
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