Under Section 13(2) of the SARFAESI Act, 2002, before a secured creditor can enforce a security interest, it must serve a demand notice to the borrower requiring payment. What is the time period given to the borrower to discharge the dues in full after receipt of such notice?

Explanation:
Section 13(2) of the SARFAESI Act, 2002 provides that where a borrower, who is under a liability to a secured creditor under a security agreement, makes any  default in repayment of secured debt  and his account is classified as a  Non-Performing Asset (NPA) , the secured creditor may require the borrower by notice in writing to discharge in full his liabilities within  60 days  from the date of notice. ​ Only after the expiry of this 60-day period without payment, can the secured creditor proceed to enforce the security interest under Section 13(4). The notice under Section 13(2) is a  mandatory pre-condition  failure to issue this notice would render any subsequent enforcement action invalid.