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    Question

    Under Section 13(2) of SARFAESI Act, 2002, before

    enforcing security interest without court intervention, the secured creditor must give the borrower a notice period of:
    A 90 days from the date of notice Correct Answer Incorrect Answer
    B 45 days from the date of notice Correct Answer Incorrect Answer
    C 30 days from the date of notice Correct Answer Incorrect Answer
    D 60 days from the date of notice Correct Answer Incorrect Answer

    Solution

    Section 13(2) of SARFAESI, 2002 mandates a written notice of 60 days requiring the borrower to discharge all liabilities in full before the secured creditor can take any enforcement measures. If the borrower fails to comply, the secured creditor may take possession of secured assets or manage/sell them. The borrower may raise objections within 15 days of receipt under Section 13(3A).

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