Limitation for action u/s13(10) of sarfaesi act

RAJU O.F., (Querist) 17 August 2011 This query is : Resolved
After sale of secured properties, the bank can file Securitisation Application u/S 13(10)in DRT for recovery of the balance due from the borrower. Is there any decision as to the starting day of limitation of 3 years, whether from the date of execution of last document/AOD, or from the date of last sale of property?

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RAJU O.F., (Querist) 17 August 2011
In one of my cases DRAT decided it as from the date of last sale, under SARFAESI Act

prabhakar singh (Expert) 17 August 2011
limitation in respect of loans which are secured by immovable properties shall always be no less than 12 years from the last AOD followed by the date of last sale of property.

DEFENSE ADVOCATE.-firmaction@g (Expert) 17 August 2011
When property is sold why worry much now, you can and you will get opportunity to even claim that the sale was illegal in any proceeding for further recovery.

Advocate. Arunagiri (Expert) 17 August 2011
How you can sale the secured property?

we will go into the rest of the query, based on this.

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