is there any provision in the securitisation act to send the notice to debtor by the district magistrate after filing an application u/s 14 of the act
is there any ruling plz send citation
Munendra Kumar Sharma (Advocate) 18 September 2009
is there any provision in the securitisation act to send the notice to debtor by the district magistrate after filing an application u/s 14 of the act
is there any ruling plz send citation
Virender Negi (Lawyer) 29 September 2009
there is no reqquirement under the law wherein the DM/CMM can issue notice to the defaulter under section 14. the power excercised by the DM/CMM under sec14 is in the nature of administrative. he has no authority to issue notice. he has to satisfy ony three things :
1. That the notice un/s 13(2) has been duly served.
2. That the property lies within his territorial jurisdiction.
3. That the acconut is an NPA account.
there are judgement of various high courts on the same.. will be posting the name shortly..
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