A.Dear
Yes, the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act) can be challenged if there are valid grounds, such as the borrower being mentally ill.
Yes, the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act) can be challenged if there are valid grounds, such as the borrower being mentally ill.
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A.Dear Sir,
Yes, it can be challenged by the next friend of mentally ill person and thus there are more chances of winning the case.
Yes, it can be challenged by the next friend of mentally ill person and thus there are more chances of winning the case.
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A.Dear Client,
The SARFAESI Act isn’t applicable in the following grounds:> 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. Other than these grounds, the physicall or mental illness is not considered as a ground to challenge or deter the proceedings under the SARFAESI Act, 2002. In case a Borrower is declared physically or mentally ill, his legal representative can represent his case before the Court and even in case of demise of Borrower, his legal heirs are impleaded in the case and liable to discharge the financial liability of deceased borrower.
The SARFAESI Act isn’t applicable in the following grounds:> 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. Other than these grounds, the physicall or mental illness is not considered as a ground to challenge or deter the proceedings under the SARFAESI Act, 2002. In case a Borrower is declared physically or mentally ill, his legal representative can represent his case before the Court and even in case of demise of Borrower, his legal heirs are impleaded in the case and liable to discharge the financial liability of deceased borrower.
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