Legal Question in Banking Law in India

Can a notice u/s 13[2] of the sarfaesi act 2002 be issued by the bank without prior recall notice?

or whether the recall notice can be combined in the notice u/s 13[2] of the sarfaesi act


Asked on 10/06/10, 11:25 pm

2 Answers from Attorneys
J. Radhakrishnan independent Practice

recall notice itself can be a notice under Sec.13(2). It need not be preceded by a demand notice. Only criterion is that before issue of notice under Sec.13(2) the account should have been classified as a non performing asset (NPA) by the Bank

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Answered on 10/07/10, 11:22 am
Vishwa Arya Arya & Co.

i agree with learned mr. radhakrishnan

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Answered on 10/08/10, 11:28 pm


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