Legal Question in Banking Law in India
A cash credit loan has been sanctioned creating mortgage on a collateral security. later a house building loan has been sanctioned creating extension of mortgage. both the loan turned npa. notice 13(2) under sarfaesi act has been issued for cash creit laon only. can separate notice under 13(2) sarfaesi act can be issued for house building loan only.
Asked on 12/13/12, 8:09 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
It is possible to issue a second notice under Sec.13(2) for the default in the housing loan. In fact it is better to issue separate notices, as the cash credit account might have other securities and or guarantors.
Answered on 12/13/12, 5:21 pm
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