Legal Question in Banking Law in India

Sarfaesi Law

The bank issued a notice under 13(2) of the sarfaesi act. I sent my objection after a week. The bank failed to reply for my objection even after 2 months. Now, whether the bank can recall the earlier notice under section 13(2) and send a fresh notice under section 13(2) of the Sarfaesi Act.


Asked on 1/05/09, 2:00 am

4 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: Sarfaesi Law

In terms of subsection 3A of Sec.13, the Bank was bound to reply your objections within one week from the date of receipt of your objections.Since they have failed to keep to the time limit, the Bank has to issue fresh notice under Sec.13(2) notice which they can do, ignoring the earlier notice or superceding the same.

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Answered on 1/06/09, 10:01 am
Vivek Mapara Vivek N. Mapara

Re: Sarfaesi Law

Bank can reissue a fresh notice.

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Answered on 1/05/09, 6:29 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Sarfaesi Law

It may be better if you try to settle the matter with the bank to avoid continuous stress.

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Answered on 1/05/09, 7:56 am
Prof.Somnath Mukherjee s.mukherjee associates,09874053359

Re: Sarfaesi Law

Bank may reissue a fresh notice. according to that act the bank has to reply your objection within a week.

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Answered on 1/06/09, 11:54 am


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