Sarfaesi act

Querist : Anonymous (Querist) 04 January 2012 This query is : Resolved
bank had sent notice under SARFAESI ACT in oct.2010 which was duly replied. what is the validity period for such notice under SARFAESI ACT, sent by bank? can this notice become time barred? what is the normal time period taken by the bank to take action under SARFAESI ACT?which court or DRT the bank has to approach to execute such notice under SARFAESI ACT?

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Devajyoti Barman (Expert) 04 January 2012
Please provide the facts of query than the series of questions which appears purely academic.

Deepak Nair (Expert) 05 January 2012
Yes. Agree with Mr. Barman.
No advise is possible without the proper details.

DEFENSE ADVOCATE.-firmaction@g (Expert) 05 January 2012
This act has draconian provisions and further being amended to put more teeth.

So keep in touch of an expert advocate for timely action.

They have to reply within seven days about your objections but they seldom do and borrowers waste valuable time in initiating counter action.

prabhakar singh (Expert) 05 January 2012
Expert : JSDN has rightly spoken for you.

c.p.s. ramachary (Expert) 14 April 2012
For taking action under sarfaesi act the period of limitation for enforcement of movable secured assets is 3 years and for immovable secured assets is 12 years. In both the cases the limitation begins to run from the date the debt becomes due. Therefore for enforcement of security interest the demand notice should be served to the borrower before bar of limitation period prescribed. After service of the demand notice to the borrower the time limit within which further action i.e. taking possession including the right to sell the secured assets should be taken is not provided in the Act. Sec.36 of the Act specifically says that the claim(the demand) must be made within time. That is all.

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