An important judgment of the Supreme Court regarding the parties interested in the auction regarding the recovery of the loan
- People-oriented guidance: H.S. Patel IAS (Retd.) Financial Institutions - In which loans / loans given by recognized banks, co-operative banks etc. have a provision to take securities in a proper manner and accordingly encumbrances are made on the respective property / assets and such encumbrance is related to the revenue records - After being noted in the title deed, it is recorded in the second right of the sample no. 2 as well as in the property register. State Government Institutions / Banks etc. have a recovery mechanism and if no recovery is made after the efforts, the property concerned is auctioned off. SARFESI ACT 2006 was introduced by the Central Government as part of recovery for bank lending. (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act) which is described in this article is from Madhya Pradesh and in that case the process of auctioning the foreclosed property is in case of non-recovery despite the efforts of the conce...