Sharma took a ₹1 crore loan from a bank against a mortgage of his factory and defaulted. The bank classified the account as a non-performing asset after it remained overdue for 90 days, in accordance with RBI norms. When Sharma makes a representation against the bank's notice under Section 13(3

Section 13(2) of the SARFAESI Act 2002 allows a secured creditor to enforce its security interest without the intervention of a court or tribunal when the borrower's account is classified as a non-performing asset in accordance with the RBI's guidelines, which treat an account as non-performing when it remains overdue for ninety days. Section 13(3) requires the bank to serve a notice on the borrower, and Section 13(3A) obliges the secured creditor to consider any representation or objection of the borrower and to communicate its decision within fifteen days of the receipt of such representation. Only after such communication, or on the failure of the borrower to comply, may the bank take measures under Section 13(4), such as taking possession or sale of the secured asset. Fifteen days is therefore the correct statutory period.