Legal Question in Banking Law in India

Notice under section 13(2) SARFAESI Act was served in the year 2009. residential house was also listed in the list of properties but the housing loan against which the house was mortgaged has been settled long back and is not a pert of primary security mortgaged in the main loan account. Is section 60(c) Punjab amendment section 60 (ccc) applicable on the said residential property as the account in which it was mortgaged stands settled and has only been kept by the bank as additional security along with the primary security but not being the part of primary security. The said account has also been restructured in March 2014. Please advise how i can get back my residential house back from the bank as it has not been mortgaged presently but is only kept as an additional security not being part of primary security.

http://www.gktoday.in/sarfaesi-act-2002/#comment-134123


Asked on 1/30/16, 9:30 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

31.01.2016

Dear Sir / Madam,

Asset includes "pool of assets" offered as security towards the loan as per the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

Regards,

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Answered on 1/30/16, 7:31 pm


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