Secured creditor will get rights to enforce Section 13(4) only after completion of 60 days from the date of Notice issued under Section 13(2) of SARFAESI Act, 2002 – A.T. Maideen Vs. The Authorised Officer cum Chief Manager, Union Bank of India – DRAT Chennai Bench
DRAT observed that a plain reading of Section 13(2) makes it clear, for enforcement of security interest, secured creditor by notice in writing shall request the borrower to discharge his liabilities in full to secured creditor within 60 days from the date of Notice, failing which, secured creditor shall be entitled to exercise all or any of the rights under Sub-section (4). So, according to this provision, secured creditor will get rights to enforce Section 13(4) only after completion of 60 days from the date of Notice issued under Section 13(2). It is not in dispute that Section 13(2) Notice is issued on 09.05.2018. So, Authorised Officer of Respondent Bank has to wait till 08.07.2018 and only after that date, he is entitled to exercise all or any of the rights provided under Sub-Section 13(4).
