The demand notice under section 13(2) of the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act of 2002 in India must contain certain information as specified in the Act. Here are the key contents of a demand notice under section 13(2) of the...
A demand notice under the SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act of 2002 in India is a notice issued by a lender to a borrower, demanding payment of a debt that is secured by a mortgage or other security interest on the borrower's...
The limitation period for filing a claim in the Debt Recovery Tribunal (DRT) in India is typically 3 years from the date on which the default on the debt occurred. This means that the lender must file a claim within 3 years from the date of default, or else the claim may be barred by the statute...
Debt Recovery Tribunal (DRT) is a specialized forum established under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 in India to resolve disputes related to secured debts. The DRT is empowered to hear and resolve cases related to...
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is a significant piece of legislation in India aimed at improving the efficiency of the banking sector. Here are some key points of the SARFAESI Act: Enables banks and financial...
Question: The bank has violated the procedure made under the SARFAESI act and proceeded for property auction. In possession notice, date of demand notice was incorrect. Moreover, under 13 (3–A) bank has not responded for the representation given on the demand notice. How to quash or stop the...