Legal Question in Banking Law in India

Attachment under Sarfaesi

In an instance where a bank issued OTS and some gauarntors withdrew their properties by making part payments, can the bank invoke SARFAESI attaching other co-guaranteed properties claiming that OTS was not honoured in full?


Asked on 12/27/07, 12:19 am

6 Answers from Attorneys
Vijay Chandavale Advocate Vijay Chandavale & Associates

Re: Attachment under Sarfaesi

The OTS is very sticky subject matter . The bank has sole discretion to arrive or not arrive at OTS . Your case appears to be OTS with few persons and not all . Therfore you should try level best to comply the OTS . No court can dictate any bank to do the OTS . Please be in touch with bank for OTS and ensure that the same is completed in stipulated time . Instead of blaming the bank be positive and and finish the OTS if really possible with some additional offer in case bank is not accepting the old OTS offer

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Answered on 12/28/07, 11:47 pm
G. M. Gupta gmguptaandassociates

Re: Attachment under Sarfaesi

already replied

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Answered on 1/13/08, 4:09 am
G. M. Gupta gmguptaandassociates

Re: Attachment under Sarfaesi

already replied

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Answered on 1/13/08, 4:09 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Attachment under Sarfaesi

i have answered to your query previously stating that it depands on the bank policy.

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Answered on 12/27/07, 11:55 pm

Re: Attachment under Sarfaesi

No.However it depends upon the bank policy.

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Answered on 12/27/07, 11:41 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Attachment under Sarfaesi

What is the policy of your banks? Depends on bank policy.

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Answered on 12/30/07, 12:30 am


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