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Here are just a few of the reasons that homeowners and investors are going to the Bank Auctions / foreclosure market.
NEW DELHI: Supreme Court today upheld the constitutional validity of an amendment in the provision of the securitisation law which authorises the creditor to classify the account of a borrower as Non Performing Assets (NPA) in accordance with RBI guidelines and directions. The apex court passed the judgement while dealing with the amended definition of the expression ‘NPA’ under Section 2(1)(o) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.
Sri C P S Rama Chary garu, Practiced law in City Civil Courts, Industrial Tribunal & High Court of AP for about 9 1/2 years. Served in Law Department of Andhra Bank for about 23 years. Retired Presiding Officer ( DRT3 at Chennai ). Sl.N. STAGE WISE ACTION SUGGESTION/ADVISE 1 Sarfaesi Act poroceeds on the basis that borrower created security interest in favour of bank and his liability stood crystalised on account of his default and his account is classified as NPA Sec.13(2): Where any borrower, who is under a liability to a secured creditor under a security agreement, makes any defau...