Legal Question in Bankruptcy in India
Mortgage, Sarfaesi Act, Subsequent Buyer
Sir, what is the legal remedy available to a secured creditor when the borrower has sold his property after obtaining the loan from the bank? whether possession can be taken against that property and sale can be effected? Should we send sec 13(2) notice to the subsequent purchaser?
Asked on 12/30/08, 7:03 am
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Mortgage, Sarfaesi Act, Subsequent Buyer
The sale of a property during pendency of loan is voidable. You may inform the purchaser. The lender may be entitled to take possession and sell the property free from encumberances.
Answered on 12/30/08, 9:03 am
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