Legal Question in Banking Law in India

Sarfaesi act

Dear members, we had sent notice under section 13(2) of the SARFAESI Act. Subsequently on verification we came to know that the schedule has been wrongly mentioned in the notice. What is the remedy available to us to rectify the mistake. 1) Whether we can send a corrigendum to that notice? or 2) Can the notice be recalled and fresh notice be issued? or any other remedy is available. What is the legal position to resolve this problem. Pls enlighten me with relevant provisions of law.


Asked on 7/14/09, 7:09 am

4 Answers from Attorneys
Pranav Desai PD Legal & Associates

Re: Sarfaesi act

Issue fresh notice with the correct particulars

Read more
Answered on 7/17/09, 6:50 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Sarfaesi act

The previous notice should recalled by tendering an apology to the borrower.

However, that may be done without recourse to lender's rights to issue a fresh notice with correct particulars.

Read more
Answered on 7/14/09, 11:37 pm
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: Sarfaesi act

Notice u/s 13(2) may be recalled if any errors have crept in by issuing a fresh notice,its not a big issue at all as per law.If still you feel unsecured of the process then you may issue a corrigendum followed by a fresh notice.

Read more
Answered on 7/15/09, 4:32 am
J. Radhakrishnan independent Practice

Re: Sarfaesi act

If the notice sent under Sec.13(2) is defective on account of the Schedule not describing properly the property secured, we can advise you to send a fresh notice containing the correct particulars. That will put the issue beyond any legal challenge. No need to recall earlier notice or sending a corrigendum. Heavens are not going to fall if the borrowr/mortgagor is given some more time on account of the fresh correct notice. It is only a question of attending to things properly and no need to dilate on some obscure legal arguments.

Read more
Answered on 7/14/09, 8:00 am


Related Questions & Answers

More Banking Law questions and answers in India