Legal Question in Banking Law in India
A notice under section 13(2) of the SARFAESI Act was send to the borrower by registrered post. The said notice was received by the borrowers employee and the acknowledgment was also signed by the said employee. Bank did not make publication of the notice in newspaper treating the notice as served and is now proceeding further to take possession. Since the borrower has not directly acknowledged the notice, is the Bank bound to publish the notice in newspaper or can it be taken that the receipt of the notice by the employee is sufficient service of notice.
Asked on 9/24/09, 1:52 pm
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
Once the notice is issued to the company and an employee of the company has signed the acknowledgement, it will be treated as sufficient service and no need to publish the same.
Answered on 9/24/09, 9:57 pm
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