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Is it obligatory for obtaining consent/concurrence of other lenders having common security interest ?

common concurrence Consent lenders obligatory security
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Is it obligatory for obtaining consent/concurrence of other lenders having common security interest ?

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Yes. The secured creditors having common security interest shall have to agree to add up to 75% or more by value of their share in the secured assets for initiation of action u/s 13 of the Act.

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