Legal Question in Banking Law in India

Re: SARFAESI Act

contact a banking/drt lawyer

Re: SARFAESI Act

Procedure for non publication of notice may not vitiate the proceeding under SARAESI Act.

Re: SARFAESI Act

In such cases if there is any letter from the borrower requesting the bank not to publish the possesion notice then the bank could take a contention that the borrower is not in any way entitled to take a contention regarding non compliance of the provision regarding publication of the notice and that the publication of the notice in newspaper is only for the knowledge of the public. Even in cases where no such lettter is there and there is ommission to publish the notice, Bank could contend that no prejudice is caused to the borrower due to such non publication and therefore the Borrower cannot rely on the said provision which is merely a procedural provision and the same does not vitiate the entire sarfaesi proceedings. However please note that the sale proceedings are taken only after the said notice is published. If an oral request was made by the borrower not to publish the notice then a letter could be issued to the borrower stating that as per his oral reqwuest the notice was not published and that as the amount due have not been paid the notice is being published and then make publication of the notice.

Re: SARFAESI Act

I agree with the above opinion.