Legal Question in Banking Law in India

21.09.2015

Dear Sir / Madam,

Yes, surely and certainly ! No questions asked and without any doubt(s).

Regards,

Dear Sir

First of all SARFAESI is to proceed further for realization of the NPA by directly taking over the Secured Assets without the intervention of the Court.

So SARFAESI Act is basically to proceed against the secured assets and not against any particular borrower or legal heirs.

So if the earlier borrower had secured any of his property with you (Financial Institution) then after his death you can proceed further to take charge of such secured property and proceed under SARFAESI Act.

I believe you know the procedure

(1) Issue Section 13(2) Notice upon the Legal Heirs of the Borrower,

(2) Wait for their reply, and if they reply to 13(2) Notice, then you need to decide and give you response to such reply u/s 13(3A)

(3) Proceed to take over Symbolic Possession u/s 13(4)

(4) Take Actual Physical Possession u/s 14

(5) Auction the property and appropriate the proceeds.

Should you require any assistance in this regards, please feel free to contact.