Legal Question in Banking Law in India
Dear Friends,
X is a borrower and Y the husband of X is the co-borrower. The property of Y is obtained as security to the loan. Once the account had been classified as NPA we sent a notice under section 13(2) of the SARFAESI Act. X received the notice and the notice sent to Y was returned unserved. Now if we proceed to possess the property under section 13(4) will it be a problem?
Asked on 2/11/10, 4:16 am
2 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
No, if you are entitled in law.
Answered on 2/11/10, 11:29 am
J. Radhakrishnan
independent Practice
If the notice to Y is not served by regd. post, you have to have it published and only after the expiry of the period mentioned therein, you can go in for Sec.13(4) steps.
Answered on 2/17/10, 8:06 pm
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