FEMA amp; BANKING : Where plaintiff borrowers had created a security interest in suit property in favour of bank for a loan and later a MoU between plaintiffs and defendants (successful bidders in auction sale conducted by bank) was executed after issuance of notice under section 13(2), MOU was not enforceable as section 13 contains a statutory prohibition, to say, that no borrower shall after receipt of notice under sub-section (2) shall transfer by way of sale,FEMA amp; BANKING : Where plaintiff borrowers had created a security interest in suit property in favour of bank for a loan and later a MoU between plaintiffs and defendants (successful bidders in auction sale conducted by bank) was executed after issuance of notice under section 13(2), MOU was not enforceable as section 13 contains a statutory prohibition, to say, that no borrower shall after receipt of notice under sub-section (2) shall transfer by way of sale,www.taxmann.com Latest Case LawsRead More