sarfasi Act

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Harpreet

Harpreet (Querist)
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22 January 2011 What is role of enforcement agency after the notice of 13(2) under sarfaesi act published in newspaper.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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22 January 2011 For getting a decree in usual course before a Civil Court litigants including Banks have to file the suit before a civil court. After service of notice, written statement and trial, the suit would be decided by passing a decree. The decree would possibly be challenged by way of appeal upto Supreme Court and it would take about 5 to 15 years to attain finality. There would be possibility of dismissal of suit on various grounds. After the decree is passed by the competent civil court, the same would be put to execution by filing E.P. The Execution Court after service of notice would bring the property of the debtor/guarantor for sale through auction. To reach this stage, lot of money, especially very long time have to be spent. The above process is dispensed with by the Special Act "SARFAESI ACT" which is meant only for the financial institutions. As per the Act, the first step would be to issue notice U/s. 13(2) by the authorised officer who is deemed to be armed with a money decree which attained finality. By the statute the authorised officer, is clothed with powers of trial court and execution court and the code of Civil Procedure which governs the civil proceedings is no more necessary. To put it otherwise, by the Special Act, the authorized officer acts like a Civil Court clothed with powers hitherto exercised by it.

for more info:-http://legal-articles.deysot.com/business-law/is-the-relief-provided-to-the-really-aggrieved-under-sarfaesi-act-2002-effective.html

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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22 January 2011 and another link is:

http://www.lawyersclubindia.com/forum/Re-Notice-under-Section-13-4-of-SARFAESI-Act-2002-3486.asp?1=1&offset=4

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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22 January 2011 an important link is:-
http://www.gov.mb.ca/justice/victims/pdf/enforcement.pdf

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