Can you please let me know the validity of the SARFAESI / ANY LEGAL notice that has been sent...?
In other words, a SARFAESI notice has been sent to a borrower some 6 months back and then where the borrower and the lender (Bank Manager) had a mutual consent and the borrower started paying his dues since from the past 3 months even after the issuance of the 13(2) notice but still some of the dues were pending (almost 3 months due). However, the account becomes mobilized and the borrower started paying his dues without fail.
But again, the lender (BM) threatened the borrower that he may enact the 13(4) and take physical possession (without serving symbolic possession notice) of the mortgaged property if the 3 months due would not be paid immediately. But the borrower asked some more time to pay-back all his overdue, where the BM didn’t agree with the borrower and ended with some dispute.
So, in this case, whether the lender (BM) has to send a fresh copy of the SARFAESI Notice or the same sent earlier (6 MONTHS / 180 DAYS back) will be valid by this time? So, what is the VALIDITY of any Notice sent? Is there any timeframe for it? Here, what is the general practice / procedure? Pls advise!