Black Ace Chambers

Sarfaesi Act: Proceedings under Section 13 of the Act by the Bank and the Legal Recourse to the Borrower under Section 17 of the Act.

If a borrower receives notice under Section 13(2) of Sarfaesi Act from the secured creditor/bank to discharge its liability then the borrower shall make a representation in writing clarifying its stance or raise its objection under Section 13(3-A) of the Sarfaesi Act within 15 days from the date of receiving such notice from secured creditor. However, if the bank proceeds under Section 13(4) of the Sarfaesi Act, the person aggrieved or affected by such action of the bank can approach Debt Recovery Tribunal under Section 17 of the Sarfaesi Act by paying requisite fee within 45 days from the date such action had been initated.

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