Section 6(c) in The Foreign Exchange Management (Acquisition And Transfer Of Immovable Property In India)Regulations, 2000
(c)[ In the event of failure in repayment of external commercial borrowing availed by a person resident in India under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No. FEMA 3/2000-RB, dated 3-5-2000) a bank which is an authorised dealer may permit the overseas lender or the security trustee (in whose favour the charge on immovable property has been created to secure the ECB) to sell the immovable property on which the said loan has been secured on to a (by the) person resident in India and to repatriate the sale proceeds towards outstanding dues in respect of the said loan and not any other loan.] [Inserted by Notification No. G.S.R. 299 (E) dated 3.2.2009 (w.e.f. 11.7.2008)]
