Legal Question in Banking Law in India

For notice under SARFAESI,is there any deadline for the customer to send reply/objections; Can he send this on 58th/59th day from the date of receipt.

Secondly, I had sent a complaint letter by regd post earlier for which the Bank has not yet replied; Does it not make the SARFAESI notice NULL & VOID.


Asked on 11/23/10, 3:30 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

You can send the reply within 60 days of the receipt of the notice. It should be ensured that the Bank receives the notice before the expiry of the said time. Reiterate what you have complained earlier in the reply to the Bank. If they fail to reply to the same within 7 days of their receipt, and later proceed to take possession, you can file application under Sec.17 of the Act to quash the possession notice and also obtain interim stay of further proceedings.

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Answered on 11/25/10, 4:10 pm


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