Definition
The mandatory 60-day demand notice that a secured creditor must issue to the borrower before initiating enforcement action under SARFAESI. The notice demands repayment of the outstanding secured debt within 60 days. If the borrower fails to repay, the secured creditor can proceed with taking possession, management takeover, or sale under Section 13(4).
Need Expert Advice on Notice Under Section 13(2) SARFAESI?
For specific advice on how Notice Under Section 13(2) SARFAESI applies to your debt recovery matter, consult Advocate Subodh Bajpai — LLM, MBA (XLRI Jamshedpur). 25+ years of exclusive banking and debt recovery practice across DRT, SARFAESI, IBC, and NI Act.
Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates