Legal Question in Banking Law in India
Can any bank under the SARFAESI ACT 2002 when served notice of Symbolic Possesion can actually enter the immovable property premises and paint the name of the bank and the borrower on the building such that the it tarnishes image of the borrower although the default in payments is untintentional and circumstantial only
Asked on 12/19/10, 10:29 pm
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
The answwer is yes. A defaulter cannot complain about bank having notified its having taken possession of the mortgaged premises under the SARFAESI Act, on the ground that thereby his reputation is tarnished.
Answered on 12/20/10, 10:50 am
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