Can bank rectify and and resend notice 13(4), sarfaeci act

Dear Sir ,

When simultaneous proceedings can be initiated or followed under DRT Act and Sarfaesi Act ,the question of matter being subjudice is irrelevant .The issuance of corrected / fresh notice is not barred.

It is not necessary or mandatory for financial institution to invoke Section 13 ,only after withdrawing civil suits pending in civil court .More so, the borrower or  other person having interest over secured assets required to submit their explanations,which should be considered by secured creditor mandatorilyand pass appropriate order.If section13(4)is invoked,then remedyavailable  is under section17of Sarfaesi Act.

There is no legal infirmity in bank issuing a rejoinder or rectified notice to the borrower.

If the stay order is self-serving that unless the amount is paid within stipulated period, bank can proceed further, then only bank is justified for issue of further Possession Notice for higher amount or directly with sale notice. Otherwise action of the bank is wrong, could be quashed by DRT in the pending Securitisation Appliction u/S17.