Legal Question in Banking Law in India
Is it possible / permissible for a banker to take direct physical possession of a security under section 13 [4] and/or 14 of the sarfaesi act 2002, without symbolic possession & taking clearance from chief judicial magistrate and without paper publication of symbolic possession
Asked on 11/01/10, 9:02 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Instead of taking symbolic possession, the Bank can also take physical possession. As the borrower may resist, it is safer to take the order of a Magistrate for taking physical possession.
Answered on 11/02/10, 3:51 am
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