SARFAESI ACT

Yes, as per the 2007 amendement after taking possession of secured assets by any means, the secured creditor has to publish the possession notice within 7 days of the date of possession.

yes

Read Sec. 13 and 14  of the Act.

yes it is mandatory under the law to publish  possession notice in two leading news papers if the  secured creditor has taken possession of the property. 

Reason for this requirement is in case their is any interest or charge or claim on the property then that person can take approprate legal remedy.

In case this mandatory requirement is not followed then action under SARFASI Act will be illegal.

i have a query here, in practical scenario,what if a thirt party has some kind of interest in the property repossessed and he or she has not come across the notice published in the 2 leading newspaper.

What is the time frame for claiming ,if any interest by the thirt party is attached in the repossessed property after the notice is publish and what is the remedy if the right/interest is claimed after the notice period.

1) publishing such notices in 2 news papers is mandatory. there is no option or alternative to this u/s 13 and 14.

2) @ Mr. Rajeev Prasad: it is a interesting case....

puppose behind publishing such notices in news paper is to give notice to person having interest if any in the attached  property . the delay caused in replying the notice is not that material and may be condoned. but the manner in which and when such 3rd person got interest in the property has to be scanned to the extent.