A bank classified a borrower's account as a non-performing asset and issued a notice under Section 13(2) of the SARFAESI Act, 2002 demanding discharge of the debt. The borrower makes a representation against the notice. Within how many days must the bank consider and dispose of the representation?

Section 13(3A) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 requires the secured creditor to consider any representation or objection made by the borrower within fifteen days of receipt of the notice under section 13(2), and to communicate the reasons for non-acceptance of the representation to the borrower within fifteen days of its receipt. The provision gives the borrower a meaningful pre-enforcement hearing consistent with natural justice before the creditor proceeds to take possession or sell the secured assets under section 13(4). Seven, thirty, sixty and forty-five days are periods fixed elsewhere in the Act, chiefly for appeals, and are not the representation window. Fifteen days is therefore the correct answer.