Surfasi notice

V. RAMESH (Querist) 05 June 2018 This query is : Resolved
SIR,

I HAVE BEEN SERVED SARFASI NOTICE ON 28/05/18 BUT THE LAST PAYMENT WAS ON 31/03/18. THE PROPERTY WAS CLASSIFIED BY BANK AS NPA IN THE MONTH OF OCTOBER 17. CAN THEY SERVE ME SARFASI NOTICE. IF SO HOW MANY DAYS I HAVE TIME BEFORE I CAN REPLY. WHAT IS THE NEXT COURSE OF ACTION BY THE BANKERS.

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Ms.Usha Kapoor (Expert) 06 June 2018
e Act

How it works?

The SARFAESI Act, 2002 gives powers of “seize and desist” to banks. Banks can give a notice in writing to the defaulting borrower requiring it to discharge its liabilities within 60 days. If the borrower fails to comply with the notice, the Bank may take recourse to one or more of the following measures:

Take possession of the security for the loan
Sale or lease or assign the right over the security
Manage the same or appoint any person to manage the same