Legal Question in Banking Law in India
When symbolical possession was taken over by bank & there after no further proceedings under SARFACIE act was held and symbolic posession was not redelivered to borrower. whether in this case when symbolic possession not redelivered to borrower it would be presumed symbolic possession continued with bank in case bank terminated sarfacie proceedings at his instance
2 Answers from Attorneys
If the sarfasi proceedings have been dropped due to any settlement between the borrower and the bank then the bank has to cancel the symbolic possession and hand over possession back to the borrower.
After taking symbolic possession, the bank has to proceed further within three years. If it does not follow further steps, it is deemed to continue till the expiry of three years. After the same, the bank will not be entitled to take further steps it is deemed as vacated.
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