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sarfaesi act

(Querist) 21 March 2008 This query is : Resolved 
whether possession notice and sale notice can be published in a same day and is there any time limit is prescribed bet ween both in the concerned act?
octavious (Expert) 25 March 2008
HELLO,

YOU CANNOT PUBLISH THE POSSESION NOTICE AND THE SALE NOTICE ON THE SAME DAY,

AS DOING SO WILL BE VIOLATION OF PROCEDURE SET ACROSS UNDER SARFAESI ACT, AND THUS PROVIDING A CHANCE THE OTHER PERSON TO FILE A PETITION IN DRT FOR LAPSE IN PROCEDURE TO BE FOLLOWED STATED UNDER SARFAESI ACT.

AND IF THERE IS A PETITION FILED UNDER DRT FOR THE PROCEDURE FLAWS, THEN THE BANK WOULD NOT BE ABLE TO SELL THE PROPERTY ACQUIRED IN POSSESSION, EVEN WHEN THE SAME WOULD BE UNDER THE CUSTODY OF THE BANK, TILL THE PETITION IS IN CONCLUDED UPON

THE ORDER OF POSSESSION BY CMM OR DM CANNOT BE CHALLENGED, BUT ONE CAN CHALLENGE ON THE GROUNDS OF PROCEDURAL FLAWS

FOR MORE CLARITY PLEASE REFER SEC 13 AND SEC 17 AND THEIR SUBSEC RESPECTIVELY

THANK YOU
OCTAVIOUS
Y V Vishweshwar Rao (Expert) 06 May 2009
Possesion Notice & sale Notice can not be published /issued on the same Day


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