Legal Question in Banking Law in India
banking in india
when the property sold under SARFAESI Act, if the bidder fails to repay the bid amount in the concluded sale and if forfeited, whether the amount can be credited to the profit and loss account of the bank
Asked on 11/11/08, 11:05 am
3 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: banking in india
The amount will first go to the loan account of the borrower which was securitized by the Bank.
Answered on 11/11/08, 3:18 pm
J. Radhakrishnan
independent Practice
Re: banking in india
It should go to the loan account as the same has arisen in exercise of enforcement of security interest.
Answered on 11/11/08, 9:27 pm
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
Re: banking in india
credit it to loan a/c
Answered on 11/12/08, 6:33 am
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