Securitisation & Reconstruction of Financial Assets Act 2002
V.Satya venkatarao
(Querist) 11 March 2009
This query is : Resolved
Under the SRFA Act 2002, secured creditors can take possesion of secured assetstheir charged to them for realisation of their dues. My query is when the asset is put to sale through public auction what is the time gap that is required to be maintained between the date of publication of sale and the actual sale ie whether it would be proper if a sale notice is published on say 17-3-2009 and the sale is conducted say on 30-3-2009?
r sugumaran
(Expert) 12 March 2009
There should be expiry of clear 30 days from the date of publication to the date of sale under the SARFAESI Act. Sale cannot be conducted as given in the illustration
M. PIRAVI PERUMAL
(Expert) 12 March 2009
30 clear days required as opined by Mr. Sugumaran.
Shyam Ji Srivastava
(Expert) 12 March 2009
Dear Venkatarao,
All my learned friends who replied earler
are right 30 days time is necessary.
