SARFAESI Act- Taking Possession of Secured property

Querist : Anonymous (Querist) 26 May 2011 This query is : Resolved
Dear Sir,

If the banks wants to file the Sec.14 Application before the Metro Politian Magistrate, without taking any steps for symbolic or physical possession or serving notice to the party of the security property.Is it legally permissable under SARFAESI Act.

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Chanchal Nag Chowdhury (Expert) 26 May 2011
S14 can be resorted to only after mandatory compliance of S13.

DEFENSE ADVOCATE.-firmaction@g (Expert) 26 May 2011
It is the real procedure but the borrower meekly agree and sign on possession letter and thus very important tool to fight the lender against possession is lost.

Guest (Expert) 26 May 2011
SARFAESI Act- Giving Notice is mandatory requirement.

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