Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Is the borrower/guarantor debarred from selling, transferring the secured assets after receipt of notice issued u/s 13(2) ?

0
Posted

Is the borrower/guarantor debarred from selling, transferring the secured assets after receipt of notice issued u/s 13(2) ?

0

Yes. In terms of section 13(13) the borrower/guarantor shall not tranfer by way of sale, lease or otherwise (other than in ordinary course of his business) any of his secured assets without the prior written consent of the secured creditor.

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.