Once a bank /FI issued notice under Sec.13(4) under SARFAESI Act, means they do not wait for any settlement or reconstruction of the a/c. However, if bank decide, they can withdraw the 13(4) notice and can allow reconstruction or OTS of the a/c.
There can not be action u/s 13(4) prior to Notice u/s 13(2). If settlement or reconstruction was in process the issue must be faught on all the fronts. The action of ARCIL must be challenged under various provisions.
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