SARFAESI Act

valarmathi (Querist) 09 July 2010 This query is : Resolved
While serving notice under this Act, do we have to furnish the account statement details to the borrower / guarantor? Usually the outstanding amount with interest as on the date of notice is mentioned.

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DEFENSE ADVOCATE.-firmaction@g (Expert) 09 July 2010
so what is the matter.

Chanchal Nag Chowdhury (Expert) 10 July 2010
A/Cs. may have to be submitted later if the borrower / guarantor demands.

DEFENSE ADVOCATE.-firmaction@g (Expert) 10 July 2010
You have to give all the details in the notice , it not given it will be challanged in later proceddings at the detriment of the lender.

Parthasarathi Loganathan (Expert) 10 July 2010
Loan outstanding with uptodate interest for a particular date is sufficient as there is no need to furnish an account statement. But this amount should not be disputed by you at a later date as a creditor.

bhagwat patil (Expert) 11 July 2010
It is not mandetary to furnish the a/c extract along with notice.

valarmathi (Querist) 11 July 2010
Thanks a lot! It's been very helpful.

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