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SARFAESI Act
Securitization Act, possession notices, auction challenges
What is SARFAESI Act?
📌 Overview
SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) allows banks to enforce security interest without court intervention. HLAPL represents borrowers against SARFAESI actions.
✅ Key Aspects
Challenge to Section 13(2) demand notice, Challenge to Section 13(4) possession notice, Stay of auction proceedings, Borrower representation before DRT, One-time settlement during SARFAESI proceedings, Appeal to DRAT.
⚖️ Legal Framework
Governed by SARFAESI Act, 2002. Banks must follow 60-day notice period before possession. HLAPL protects borrower rights.
Important FAQs
❓ Can borrower challenge SARFAESI notice?
Yes, borrower can file application before DRT within 45 days of possession notice. HLAPL handles SARFAESI challenges.
❓ What is the process under SARFAESI?
Demand notice (60 days), possession notice, auction sale, confirmation of sale. HLAPL advises borrower at each stage.
❓ Can SARFAESI action be stayed?
Yes, DRT can stay SARFAESI action if borrower deposits 50% of debt amount. HLAPL assists in stay applications.
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