Legal Question in Banking Law in India
The Bank has in the schedule of the demand notice issued under SARFAESI Act mentioned the details of a commercial complex and also the details of a agricultural land both of which are mortgaged to the Bank. However while taking possesion the Bank has only taken possesion of the commercial complex. Is it illegal to mention the details of the agricultural land in the demand notice, eventhough the Bank does not intend to take possesion of the said property.
Asked on 12/04/09, 12:26 pm
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
Nothing illegal in showing agricultural property in Sec.13(2) notice and not taking possession of the same.
Answered on 12/05/09, 8:12 am
Pravin Vaidya
Independent
The notice isued by the bank is in order
Answered on 12/05/09, 11:20 pm
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