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KamalNayanSaxena (lawyer)     07 July 2008

SARFAESI ACT - Requirement

Is there any period of limitation to file application before Distt. Magistrate to obtain physical possession after issuing notice under S. 13(2) of the Act?

Should the SARFAESI COURT i.e. court of DM issue notice to borrower?

Please refer citations.


 7 Replies

satisha.K.M (Lawyer)     08 July 2008

the creditor should grant 6o days time for the respondent after the issuance of notice u/s 13(2) .  the DM or the Magistrate who has jurisdiction won't issue any notice to the borrower.

Guest (n/a)     09 July 2008

below mentioned citation may help you,

salim akbarali nanji v/s union of india and others. [supreme court of india date 11 may 2006]

KamalNayanSaxena (lawyer)     09 July 2008

I mean, Is there any period of limitation after 60 days ( as prescribed under S. 13(2) of the Act} to file application before Distt. Magistrate to obtain physical possession.

Uday (Lawyer)     26 June 2009

No. There is no limitation.

Ziaul Haque Ansari (Advocate)     01 July 2009

I agrre with Mr. Satish and Mr. Uday

bhagwat patil (Property due diligence 9422773303)     13 April 2010

in latest judgement of SC under the said act FI is restrained fron taking PHYSICAL POSSESSION of borrowers property.

KamalNayanSaxena (lawyer)     13 April 2010

Kindly quote citation

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