Sarfaesi act & cersai
1 year ago
Whether sarfaesi act can be implemented in non registration of property given as collateral to bank in cersai
A.Dear Client,
The SARFAESI Act isn’t applicable for:
The NPA loan accounts amounting to less than 20% of the principal and interest.
Money or security issued under the Indian Contract Act or the Sale of Goods Act, 1930.
Any rights of the unpaid seller under Section 47 of the Sale of Goods Act, 1930.
Any conditional hire-purchase, sale, lease or any other contract in which no security interest has been created.
Any properties that are not liable to attachment or sale under Section 60 of the Code of Civil Procedure, 1908.
Please consult a lawyer near you to understand your situation better.
Thank you so much, I hope this answer helped you.
The SARFAESI Act isn’t applicable for:
The NPA loan accounts amounting to less than 20% of the principal and interest.
Money or security issued under the Indian Contract Act or the Sale of Goods Act, 1930.
Any rights of the unpaid seller under Section 47 of the Sale of Goods Act, 1930.
Any conditional hire-purchase, sale, lease or any other contract in which no security interest has been created.
Any properties that are not liable to attachment or sale under Section 60 of the Code of Civil Procedure, 1908.
Please consult a lawyer near you to understand your situation better.
Thank you so much, I hope this answer helped you.
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