Legal Question in Banking Law in India
Bank has taken possession of registered mortgage porperty under SARFAESI Act 2002 and proceeded for sale under the said act by private sale treaty. The charge of the property was not registered with the registrar of companies under sec 125. what will be the legal position of the Secured creditor and the buyer in case of the winding up.
Asked on 9/20/09, 8:38 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
As of now there is no liquidation of the company, the sale in enforcement of the charge notwithstanding the charge not having been registered under Sec.125 of the companies Act is valid. One need not worry of the company later being wound up.
Answered on 9/20/09, 9:34 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
I agree with the above opinion.
Answered on 9/21/09, 4:48 pm
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