The procedure for the issuance of a notice of default under the SARFAESI Act is as follows:

1. Default on loan: The first step in the issuance of a notice of default under the SARFAESI Act is that the borrower must have defaulted on the loan. This means that the borrower must have failed to make the required payments on the loan according to the terms of the loan agreement.
2. Preparation of notice: Once the default has been confirmed, the bank or financial institution must prepare a notice of default. The notice of default must be in writing and must specify the amount of the default, the date on which the default occurred, and the period of time within which the default must be rectified.
3. Service of notice: The notice of default must be served on the borrower. The notice may be served in person, by registered post, or by any other means that is authorized by the SARFAESI Act.
4. Rectification period: The notice of default must specify a period of time within which the default must be rectified. This period of time must be not less than 60 days from the date of the notice.
5. Rectification of default: If the borrower rectifies the default within the specified period of time, the bank or financial institution may not take any further action to recover the debt. However, if the borrower fails to rectify the default, the bank or financial institution may proceed with the enforcement of the security interest.

It is important to note that the issuance of a notice of default under the SARFAESI Act is subject to certain conditions and limitations. For example, the issuance of a notice of default may not be used to recover debt owed by certain classes of borrowers, such as small-scale industries, farmers, and certain micro and small enterprises.

Additionally, the issuance of a notice of default may not be used to recover certain types of debt, such as debt incurred as a result of illegal activities.