Notice u/s 13(4) after representation u/s 13(3A)
sukhbir singh
(Querist) 17 July 2010
This query is : Resolved
Can bank issue notice us/ 13(4) if they have accepted the representation under 13(3a) and accepted the payments, issued NOC, released the property held as collateral by the Bank. And not rejected the rperesentation.
Raj Kumar Makkad
(Expert) 17 July 2010
No. Bank cannot issue such notice in the given facts.
Devajyoti Barman
(Expert) 18 July 2010
No , if the Bank ahs accepted such representations and acted in accordance of such compromise then certainty that issuance of notice under section13(4) will be stayed.
sukhbir singh
(Querist) 18 July 2010
Will it be a contempt of Supreme Court orders in Mardia Chemicals case, if the Bank has issued such a notice putting the party to haraassment. I am looking for someone who can authoritatively put the Bank directly before the highest authority for this violation of the Law.
