Legal Question in Real Estate Law in India

sarfaesi act 2002

I'm seeing recovery in this firm . A case has come to us under SARFAESI Act. Total amount sanctioned and disbursed to the defaulter was Rs 1.00 lakhs and as on date total dues including Principal, Interest, Addl. Interest and other penal charges is more than 2.00 lakhs. I want to know that can we move under SARFAESI Act in this case and auction the property. Property value is around 2.00 lakhs.


Asked on 1/16/09, 6:02 am

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: sarfaesi act 2002

The Act may not be applicable to this case.

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Answered on 1/16/09, 9:34 pm
Shrichand Nahar S.V.Nahar, Advocate

Re: sarfaesi act 2002

That act is available to banks and financial institutions.

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Answered on 1/17/09, 12:34 am


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