Legal Question in Banking Law in India

Sarfaesi
Sir,
we have funded for a property and taken possession of the same through Sarfaesi Proceedings. Without knowing this fact, the Deputy Registrar of Co-operative societies had passed a conditional attachment against the same property(since the owner remained exparte in that proceedings). What is the legal position on that attachment order? Will the right of the bank get affected by that order. Any Supreme Court citations in this effect?

Asked on 1/07/09, 4:07 am

3 Answers from Attorneys

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: Sarfaesi

You may need to make an application before the Dy RCS for vacation of attachment order on the ground that the originl owner stood divested of his rights in favour of the bank and that you have stepped into the shoes of the Bank as owners free from all encumberances.

Answered on 1/07/09, 7:40 am

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J. Radhakrishnan independent Practice

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Re: Sarfaesi

You have to file a claim petition before the Dy Regtrar. of Co.op.societies urging your claim with supportive documents to raise the attachment. In case he dismisses your application, you may have to file a claim suit. Pl.consult a local lawyer well versed in proceedings befoe the co.op . authorities and proceed.

Answered on 1/07/09, 9:23 am

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