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Validity of sec 13(2) notice of SARFAISI act
08-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.
Today on 8.1.2020 (after almost 5 years of 13(2) notice) I received letter from the Authorised Officer of Bank that he will take 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 4-5 years ago?
After 13 (2) Bank generally sends possession Notice under section 13(4) to the defaulter thereafter they approach to magistrate court us 14 for permission to take possession. Thereafter collector notice is to be sent to the party before taking possession. Meanwhile one can challange any of notices and take stay from drt.
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Adv. Ruchi Singh
Navi Mumbai | 100+ Answers
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