Securitisation act 2002
M R JETHWANI
(Querist) 16 August 2012
This query is : Resolved
Notice is issued by a Nationalized Bank under Section 13(2) of the Securitisation Act 2002 against M/s XYZ instead of M/s XYZ Pvt Ltd Company.
Is the notice valid and enforceable ?
Devajyoti Barman
(Expert) 16 August 2012
A mere wrong wrong description of the addressee does not make the notice invalid.
malipeddi jaggarao
(Expert) 16 August 2012
I agree with Mr.Barman. But you can rise objection in DRT stating the notice is not proper.
M R JETHWANI
(Querist) 16 August 2012
Is this fair ? When Bank will not accept signature on security documents as M/s XYZ instead of M/s XYZ Pvt Ltd, why should borrower be bound to accept notice in the name of M/s XYZ instead of M/s XYZ Pvt Ltd ?
R.K Nanda
(Expert) 16 August 2012
THIS NOTICE IS INVALID.DO NOT ACCEPT IT.
K.K.Ganguly
(Expert) 16 August 2012
It is an invalid notice.When you will get notice u/s13(4), you can file application before DRT & claim that notice u/s13(4) has been issued based on invalid notice u/s13(2) of SARFAESI ACT,2002, hence the entire SARFAESI proceeding is vitiated & to be set aside.
M R JETHWANI
(Querist) 17 August 2012
Should we object within 60 days period of notice u/s 13(2) or wait for notice u/s 13(4)
JANAK RAJ VATSA
(Expert) 17 August 2012
objection has to be filed without any delay
K.K.Ganguly
(Expert) 17 August 2012
If you lodge complaint now, they will correct it. In any case it is a minor issue but you shall have to take this excuse to set aside SARFAESI proceeding.
So, you should wait for the notice u/s13(4) to be issued after which you will file application u/s17 of SARFAESI ACT,2002 taking the plea of invalid demand as well as possession notice.
