SARFAESI ACT

KamalNayanSaxena (Querist) 26 July 2008 This query is : Resolved
What's the period of limitation to publish notice after taking possession of secured assets U/S 13(4) of the Act.

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R.S.Rajesh (Expert) 26 July 2008
It is within 7 days as per the notification/amendment to the Act some times in Oct/Nov.2006

KamalNayanSaxena (Querist) 26 July 2008
Thank you Mr. Rajesh for this valuable information.

My further query is; the effect on proceeding under the said Act, if notice was not published within the prescribed period. Can request may be made U/S 14 to the DM for taking possession.

arunprakaash.m. (Expert) 28 July 2008
sixty days

R.S.Rajesh (Expert) 17 August 2008
Section 14 deals with getting assisatnce from DM for taking actual posession. Whreas, publication of the notice is mandatory after posession ( Symbolic/Physical). Therefore, both sre to be viewed in different angles and one is nothing to do with another.

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