The guidelines of sale of mortgaged assets U/s 29 were reviewed by Board in its meeting held on 8.6.2011 and following modifications have been approved by Board:-
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Existing
Revised
1. Amount of Earnest money-
The Earnest Money may continue to be taken as existing.
However, in a few cases it has been observed that due to
sale of part assets/machines the loan amount in respect of
assets/ land /building available for sale remains quite less
and does not commensurate with that of total loan of the
project. In such cases the earnest money may be taken according to value of assets to be sold.
Loan Amount/value
E.M. required
Upto Rs. 2 lakh
10,000/-
Above Rs. 2 to 5 lakh
25,000/-
Rs. 5 to 10 lakh
50,000/-
Rs. 10 to 50 lakh
1,00,000/-
Rs. 50 to 100lakh
2,50,000/
Above Rs.100 lakh
lakh 5,00,000/-
2. Negotiation with prospective buyer-
Existing
Revised
Disb.Amt.
Committee name
Committee Constitution
Disb. Amt.
Committee name
Committee Constitution
a) Cases upto Disb. amt. Rs. 50.00 lakh
Regional Negotiation committee (RNC).
RM/Sr. most Tech./Fin. Officer, Law Officer, I/c Rec. RM / I/c Zone of HO may preside.
AGM/ all I/c Zone, CM(F) and CM (P&M)
AGM/ GM/ MD may preside.
