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Sec 13(2) to 13(4) of SARFAESI act
10-Jan-2023 (In Banking / Finance Law)
I have taken loan from a cooperative bank. Due to my account went into NPA. I got notice under sec 13(2) of Securtisation Act (SARFAISI) on 20-10-2015. Since then I have given many letters to bank asking for details of my loan account as the statement was not transperent and as per rule. The bank didnt reply to my letters. On 9.1.2020 (after almost 5 years of 13(2) notice)The authorised officer on bank took the possession of the secured property as they had given 13(2) notice on 20-10-2015. My question is that whether the notice of 13(2) is valid today? Whether the AO can take possession on the basis of 13(2) which is served about 5 years ago?
There is no time limit for enforcement of actions under Section 13(4) of the Sarfaesi Act after previous notice under Section 13(2) of the Act. It is very common, especially, with respect to Nationalised Banks to take actions after few years of issuance of notice u/s 13(2).
As far as documents are concerned if the bank is not providing you copies then please file RTI application to Dy. Registrar, Co-operative Societies requesting the copies. Alternatively you may also approach other authorities.
You have 45 days from the actions under 13(4) of the Act to move the Debts Recovery Tribunal by way of Securitisation Application.
As far as documents are concerned if the bank is not providing you copies then please file RTI application to Dy. Registrar, Co-operative Societies requesting the copies. Alternatively you may also approach other authorities.
You have 45 days from the actions under 13(4) of the Act to move the Debts Recovery Tribunal by way of Securitisation Application.
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hi
in this case it has to be seen that what compliance bank had done u/s 13(4) of sarfaesi act.
you can challenge the notices and possession before DRT by filing securitization application for stay and restoration of possession of the suit property.
in this case it has to be seen that what compliance bank had done u/s 13(4) of sarfaesi act.
you can challenge the notices and possession before DRT by filing securitization application for stay and restoration of possession of the suit property.
Helpful?
39+
39+
Adv. Rohit Shaligram
Pune | 500+ Answers
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