Question
Section 13(2) of the SARFAESI Act empowers a secured
creditor to issue a written notice to the borrower after classification of the account as NPA. Within how many days from the date of such notice must the borrower discharge his full liability to the secured creditor?Solution
Section 13(2) of the SARFAESI Act provides that where the borrower's account has been classified as a non-performing asset, the secured creditor may require the borrower by a notice in writing to discharge in full his liabilities within 60 days from the date of such notice. Only after the expiry of this 60-day period, and if the borrower fails to comply, can the secured creditor invoke enforcement measures under Section 13(4). This 60-day period is a mandatory notice period and a critical procedural safeguard for the borrower before asset seizure. The period was originally specified in the Act and has not been changed by amendments.
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