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Consequence of issuing a demand notice under SARFAESI Act
23-Mar-2023 (In Banking / Finance Law)
We have issued demand notice under section 13(2) read with rule 8 of SARFAESI Act on 19.01.2016. Can we take possession of property by issuing possession notice now as demand notice was given before 1 year 2 months or we should issue demand notice again before taking possession/issuing possession notice. Please advice.
In my view bank should isssue notice u/s 13(2) of the said iAct.But these days banks are issuing notice iu/s 13(4) of thei act irrrespective of date ofi noticce u/s 13(2) and DRT is accepting ithe same.Under the circumstances bank is at liberty to proceed u/s 13(4) of the act.Better you consult banks lawyer
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Adv. Radhay Sham Gulati
Chandigarh | 25+ Answers
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