sarfaesi act
mohd imran
(Querist) 26 February 2016
This query is : Resolved
I have received notice under section 13(2) of Sarfaesi Act, asking me to make the outstanding amount within 60 days of time from the bank.
Notice period of 60 days is expiring on 29th feb 2016. And i am getting the funds on 1st or 2nd of march 2016.
Here i want to know, if i can make the payment two days after the expiry period of notice under section 13(2) or the bank will immediately issue possession notice under section 13(4), the very next day of expiry i.e on 1st of march.
And please let me know will there be any gap period after the 60 days of 13(2) notice, Before issuing notice under sec 13(4).
Parthasarathi Loganathan
(Expert) 26 February 2016
You are legally entitled to apprise this fact to the bank as under Section 13 sub section 3(A) which states as under:
If, on receipt of notice under sub section (2), the borrower makes any representation or objection and if the secured creditor comes to the conclusion that such representation or objection is not acceptable or tenable, he shall communicate within 15 days of receipt of such representation or objection the reasons for non- acceptance of the representation or objections to the borrower....
Saurendra Rautray
(Expert) 27 February 2016
I Agree with the LD Expert
Saurendra Rautray
Rautray & Co
New Deli
09437008255
mohd imran
(Querist) 27 February 2016
Sir, i have noticed that , issue date of notice is 1st jan 2016 , but i have received the notice on 4th jan 2016.
And in the notice, it is mentioned that within 60 days after the receipt of notice section 13(4) will be applicable.
So, If we consider 4th march 2016 is the end of 60th day of notice , then i will be very much likely making the payment within the notice period.
Here i want to know , from the respected experts , end of 60th day under section 13(2) sarfaesi act, will be calculated from DATE OF ISSUE OF NOTICE or DATE OF RECEIPT OF NOTICE. As there will be difference of 2-3 days, as required by postal dept to delivery the notice.
J K Agrawal
(Expert) 29 February 2016
Please say the bank that you are ready to make payment. the bank will not attach your property just next day. it take time may be a few weeks.
