SARFAESI

Guest (Querist) 15 April 2011 This query is : Resolved
Whether the secured creditor /Bank can take steps under section 14 of SARFAESI Act without giving any notice under Section 13(2) or 13(4)?
In this case the Bank never issued notice to the borrower and claiming that they will take possession under section14. Is it possible?

Follow Query

Report Abuse

DEFENSE ADVOCATE.-firmaction@g (Expert) 15 April 2011
They can not take possession without prior notice u/s 13 (2)., and after your reply and counter reply.

Advocate. Arunagiri (Expert) 15 April 2011
Only after the notice they can take possession.

Advocate Bhartesh goyal (Expert) 15 April 2011
Bank can not take possession without prior notice to borrower.

malipeddi jaggarao (Expert) 17 April 2011
Banks have established procedures and I believe no Bank will will possession notice without serving prior notice under section 13(2) or (4).

RAJU O.F., (Expert) 18 April 2011
In case the Bank/FI proceed to take possession of the secured asset, without issue of Demand Notice u/S13(2) of the SARFAESI Act, you can get the proceedings quashed by DRT, as such action is illegal.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now