Thursday, May 15, 2014

Tenants stall SARFAESI action

In a large batch of appeals moved by tenants of properties mortgaged to banks, the Supreme Court stated that a lease of a secured asset made by the borrower after he receives notice from the creditor will not be a valid lease. The judgment also discussed the rights & remedies available to lessees when the property is being taken over by the creditors for the fault of the borrowers.

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