Legal Question in Banking Law in India

The Bank has taken symbolic possession of the property by pasting possession notice. Pl clarify whether any time line is to be adheared to for giving a puper publication and if so, whether the date of symbolic possession has to be excluded for reckoning the time line.

For Example, the symbolic possession has been taken on 25.12.10 and paper publication was given on 31.12.10. Whether the banl is in order in this case?


Asked on 2/03/11, 1:27 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

Rule 8 does not prescribe any time limit for publishing the possession notice. Hence question of including or excluding date of taking possession does not arise. As a matter of practical prudence, it should be published as early as possible frm the date of taking symbolic possession, as any transfer after possession by the mortgagor borrower is rendered void as against the Bank.

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Answered on 2/03/11, 2:39 am


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