Legal Question in Banking Law in India

Sale Certificate was issued under SRFAESI Act fixing a lower price than the guideline value prevailing in that area. Subsequently, the very same property was subject to attachment by High Court in a Suit filed by a third party against the borrower. The Decree holder had no other means to recover his dues other than apportionment of sale proceeds of property which was the subject matter of Sale under SRFAESI Act. In this situation how do we proceed further to recover our dues. Whether we can move the High Court to set aside the Sale Certificate because the property is in a very commercially valuable and the upset price fixed in the Bank auction prior to sale certificate shockingly low.


Asked on 7/22/10, 7:50 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

The sale earlier held cannot be assailed.

Read more
Answered on 7/22/10, 7:43 pm


Related Questions & Answers

More Banking Law questions and answers in India