Legal Question in Banking Law in India
our term loan account in bank of india is classified as n.p.a today,the papers of our home are deposited as the primary security,what are te legal actions that the bank can take
Asked on 9/24/10, 4:43 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
The Bank will take proceedings under the Securitisation of Financial Assets and Enforcement of Security Interest Act (SARFAESI) first by issuing notice calling upon you and your guarantor , if any to pay up the outstanding within 60 days and if you default, take possession of your house and sell it in public auction.
Answered on 9/25/10, 7:15 pm
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