Mandatory requirements post Sarfaesi 13(4).

s.loganathan (Querist) 07 March 2010 This query is : Resolved
Is it mandatory for the lending banks to make a paper publication on taking possession u/s 13(4)? If so, how many days within which it must be done & the consequences of not doing so?

Follow Query

Report Abuse

Devajyoti Barman (Expert) 07 March 2010
Yes it is mandatory and the attachment among other things can be done after expiry of 60 days from the date of notice u/s 13(2). Such failure to do so gives you the power to challenge the measures taken under sec13(4)by way of preferring appeal before the DRT u/s17.

Kumar Thadhani (Expert) 07 March 2010
Yes it is mandatory and righly replied by Mr.barman

s.loganathan (Querist) 07 March 2010
Thank you Mr.Barman. Is there a statutory limitation as to within how many days this publication must be done?

Raj Kumar Makkad (Expert) 07 March 2010
i do agree with barman

MANISH SONI (Expert) 09 March 2010
yea it is mandatory . . . .and the hudgment of ICICI bank the hon'ble apex court has clearly laid down the mandatory guidelines to be followed by the banks . . .

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries