Legal Question in Banking Law in India

Sir i took a CASH CREDIT loan from a state cooperative bank in 1997 by creating a lien on my property. Further state cooperative bank was acquired by multi state cooperative bank in 2006. My account became NPA in 2002. Multi state cooperative bank issued me a 13(2) notice in 2007 under SARFAESI which was later withdrawn in high court as SARFAESI act was not applicable to multi state cooperative bank. Now after the amendment in 2013 they have again issued me a notice under 13(2). Now my question is that i have not mortgage my property with the bank but only a lien is registered on my property with all original title deeds of my property with me. Can bank issue me a notice under SARFAESI ACT. And is amendment applicable to me as my account was NPA before the amendment.


Asked on 4/09/15, 10:32 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

10,04.2015

Repeat query. Already answered.

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Answered on 4/10/15, 1:14 am


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