Legal Question in Banking Law in India

my company had a consortium banking facility with a nationalised bank and a co operative bank with pari passu charge of asset . Nationalized bank is the lead banker in consurtium with 69 % share and 31 % share is co operative bank . companies account is classified as NPA .

Q1 . can the nationalized bank under SARFAESI act apply for possession of mortgage asset with 69 % share

Q2 . can co operative bank come under SARFAESI act

Q3 . dose co operative court come under action also simaltaniously


Asked on 9/07/12, 1:32 am

3 Answers from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

both, the nationalized bank and co operative bank may apply for appropriate orders under SARFAESI Act.

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Answered on 9/07/12, 1:41 am
J. Radhakrishnan independent Practice

The nationalised bank cango for SARFAESi proceedings.Co-operative Bank also can go for such proceedings

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Answered on 9/07/12, 4:28 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

1)Yes

2)Yes

3) Not necessarily

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Answered on 9/07/12, 11:17 pm


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