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Bank couldn't derive security interest against loan obtained by developer on property belonging to owner: HC

October 1, 2020[2020] 119 374 (Karnataka)

FEMA, BANKING & INSURANCE : Where developer had no right to mortgage or create charge over property belonging to petitioner-owner, bank could not derive any security interest on loan obtained by developer in respect of said property and, thus, no right could be enforced by bank on such property by taking recourse to section 13 of SARFAESI Act

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