Securitisiation Act

Ravinder Sood (Querist) 11 November 2010 This query is : Resolved
(1)What is the limitation period for secured creditor for initiating proceedings/issuing notice under sec.13(2)of the securitisation Act after declaring the account as N.P.A?

(2)Whether the account becomes automatic as N.P.A. on defult of the borrower to pay the instalment for a certain period or bank authorities to pass specific order in this regard?

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Raj Kumar Makkad (Expert) 11 November 2010
1. three years

2. automatic

s.subramanian (Expert) 12 November 2010
I agree.

RAVI B SHAH (Expert) 12 November 2010
Agree with Experts.

Ravinder Sood (Querist) 14 November 2010
Thank you experts. I am told by my cl.that as the secured property /mortgaed property is immovable ,so bank has 12 years limitation under art.62 of limitation act to initiate proceedings.

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Securitisiation Act

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