Securitisation act

Shyam Gupta (Querist) 15 September 2009 This query is : Resolved
Can a Private Bank ,which has purchased a DEBT/NPA under the Sale of NPA Guidelines, issue a Notice under the Securitisation Act u/s 13 (2). Especially when its application for substition is pending with DRT and yet to be decided. More So when the Issue of Sale of NPA to other Banks is under consideration with The Supreme court and yet to be decided.riven

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Virender Negi (Expert) 01 October 2009
SARFAESI act and DRT act both are distinct and be proceeded simultaneously. 13(2) notice is issued under SARFAESI act and doesn't require interference from court. the Bank is within its right to issue notice u/s 13(2). the substition is pending with respect to DRT act and not SARFAESI act. regarding the pendency of consideration with Supreme Court, unless and untill any stay order or final order is given by S.C. the bank can issue the same.

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Shyam Gupta (Querist) 02 October 2009
Thank you once again.

Now there is a new situation when the reply/objections has been made to the Notice under sec 13 (2) of the Sarfeaesi Act. But the Bank has not replied even after seven days.My querry is what should be done now.

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