Please Guide on an issue.
While Sale of a Immovable propery (House) through E-Auction, is it mandatory to give 30 Days Notice in writing to the borrower about the Auction sale of immomovable property, reserve price etc under Rule 8 of SARFAESI Act or the Newspaper Publication is sufficient. ? The Bank Knew the new address of correspondence of the borrower and had made few corresondences as well, but didn't served/sent the Sale notice to the borrower.
The case is that the borrower requested for One Time Settlement just 15 Days before and the Bank dirceted to give full and FInal Payment of entire Rs 47 Lakhs in Just 15 Days. The borrower was not able to and therefore Auction for completed.
while seacrching on google I am getting two versions of the same. Seems there was ammendment in October-2018. Experts please guide. Here is the same.
The Previous Version/Original Version
After Ammendement in October-2018
In the said rules, in rule 8 –
(i) in sub-rule (6), for the proviso, the following proviso shall be substituted, namely:-
“ Provided that if the sale of such secured asset is being effected by either inviting tenders from the public or by holding public auction, the secured creditor shall cause a public notice in the Form given in Appendix IV-A to be published in two leading newspapers including one in vernacular language having wide circulation in the locality.”;