Legal Question in Banking Law in India
Whether Bank can take action under SARFAESI without adjusting ECGC claim amount received! What is the prescribed mode of adjusting ECGC claim !
Asked on 6/10/11, 11:21 pm
2 Answers from Attorneys
Professor SOMNATH MUKHERJEE
MUKHERJEE ASSOCIATES(Cell +91 9874753359/ 9477781578)
THE BANK CAN START ACTION UNDER THE SARFAESI ACT WHEN THEY NOTICE UNDER 13(2).FOR DETAILS CONTACT IN MY NUMBER 09874753359
Answered on 6/11/11, 1:48 am
J. Radhakrishnan
independent Practice
ECGC reimbursement is for the benefit of the Bank. The requirement of such reimbursement is not for giving crredit to the defaulting borrower, but to continue action for recovery against him, so that whatever recovered has to be shared against the amount received from the ECGC. It is an insurance for the Bank and not for the borrower.
Answered on 6/11/11, 8:54 pm
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