SARFAESI ACT

Desi (Querist) 21 August 2009 This query is : Resolved
What is the period of notice for sale of immovable property?

Follow Query

Report Abuse

Advocate SK Rohilla New Delhi (Expert) 21 August 2009
30 days

Message likes : 1 times

J K Agrawal (Expert) 23 August 2009
Which period ? The period under section 13 (2) is sixty days to make payment. There is no period, mentioned in SARFAESI Act, to sale the property after period mentioned in notice is elapsed.

Desi (Querist) 23 August 2009
I am afraid that there is a period of notice after getting the confirmation from the Magistrate. Is it possible that it is 30 days as suggested by Sri Rohilla?
60 days' notice is for possession of the property.
I am asking about period of notice for sale after taking pssession.
Your valuable reply awaited.
Desi Matthai

KamalNayanSaxena (Expert) 23 August 2009
The authorised officer shall serve to the borrower a notice of thirty days for sale of the immovable secured assets, under sub-rule (5):

PROVIDED that if the sale of such secured asset is being effected by either inviting tenders from the public or by holding public auction, the secured creditor shall cause a public notice in two leading newspapers; one in vernacular language having sufficient circulation in the locality by setting out the terms of sale.

Message likes : 1 times

Previous

Next

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

Click here to login now