Legal Question in Banking Law in India

could bank take any possession of Educational property if loan has gone to bad uder sarfaesi act


Asked on 10/12/09, 1:34 am

3 Answers from Attorneys
Seshadri Srinivasan www.lawconcern.com

Clarify what you mean by educational property?

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Answered on 10/12/09, 3:36 am
J. Radhakrishnan independent Practice

what do you mean by educationall property. If an educational insitution availed a bank loan and it defaulted, and if the property utilised for running school, college etc., is mortgaged to the bank as security for the loan, then such property is also not exempt from being proceeded under the SARFAESI Act if the loan has turned to be an NPA

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Answered on 10/12/09, 7:30 am
Pravin Vaidya Independent

Yes. Powers Banks under SARFAESI are absolute

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Answered on 10/12/09, 7:30 am


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