MANOJ HARIT (LAWYER) 07 September 2010
Respected Experts,
When a Bank issues a Notice of possession stating the date on which the possession of the secured assets would be taken. And the Bank does not show up on the fixed date to take possession. Subsequently what is the time period by which the Bank can take possession based on the said Notice.
Manoj Harit
Uday (Lawyer) 08 September 2010
There is no specific period fo that.
MANOJ HARIT (LAWYER) 10 September 2010
Resp Uday,
As U have said that there is no time period but still there must be some cap due to Limitation Act. OR Is there a Limitation for taking further action under Sarfaesi Act, after issuance of Notice u/s - 13(2).
Abhijit C Thakur (Advocate) 11 September 2010
After issuance of demand notice u/s 13(2) of The SARFAESI Act, it is not mandatory for the banker to issue notice before taking possession in terms of Apex Court decision in the matter of Transcore v. Union of India. Possession of the property u/s 13(4) of The Act of 2002 can be taken by the bank at any time after 60 days of service of demand notice u/s 13(2) of The Act of 2002.
Abhijit C Thakur, Advocate
Private Practice
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