Banking law
sandeep kumar
(Querist) 12 May 2016
This query is : Resolved
Dear members,
whether it would be valid/good to issue a legal notice by advocate to borrowers after the issuance of demand notice under section 13(2) of SARFAESI Act 2002.
in one of matters we have issued 13(2) notice to borrowers and initiated sarfaesi action which is running. Now we wish to proceed under RDDBFI Act1993 to file OA. So whether we should give legal notice to them before filing OA or not.
I think there is no need of any further notice after issuance of 13(2) ??????
If not issued then what may be repurcussions before DRT.
thanks & regards
H.M.Patnaik
(Expert) 12 May 2016
What has prompted you to resort to parallel litigation during pendency of SARFEESI proceeding for recovery of Bank's dues?
Rajendra K Goyal
(Expert) 12 May 2016
Has the action under SARFAESI Act 2002 been withdrawn?
Devajyoti Barman
(Expert) 13 May 2016
I not fond when the more efficacious and stringent SARFAESI actions are available why you would revert to DRT Act.
Now go for physical attachment of the proeprty.
