Legal Question in Securities Law in India
A immovable property was registered mortgaged to a Bank. The property was attached by Income Tax department. The Bank has taken actual possession of the property under SARFAESI Act 2002 and now in process to sell under private sale treaty. In light of this the concern sub Registrar office will register the sale certificate under SARFAESI Act or they will object because of the Income Tax attachment and the registration will not take place. what is the solution to this problame.
Asked on 9/30/10, 8:16 am
1 Answer from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
the bank and income tax authority, both may share the sale proceeds depending upon the amount of loan.
Answered on 10/04/10, 11:54 pm
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