Legal Question in Banking Law in India
Under Sarfaesi Act can a bank take physical possession of a property that it has taken symbolic possession 3 years back and after that a compromise proposal under OTS is arrived and filed in magistrate court but subsequentyl the compromise proposal is cancelled by bank die to barrowers default after paying 50% dues.
Asked on 3/29/11, 4:56 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
if the compromise proposal fell thru, the Bank can take physical possession of the property taken symbolic possession earlier.
Answered on 3/29/11, 5:05 am
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