05/09/2022

Whether the DRT is justified in decreeing the suit that was initially instituted against a deceased person who was later substituted by the son – Shri. Kishorechand Visandaram Vs. State Bank of India & 5 Ors. – DRAT Mumbai Bench

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Whether the DRT is justified in decreeing the suit that was initially instituted against a deceased person who was later substituted by the son – Shri. Kishorechand Visandaram Vs. State Bank of India & 5 Ors. – DRAT Mumbai Bench Read Post »

There is no bar in the SARFAESI Act for the bank to withdraw the demand notice u/s 13(2) and issue a fresh one – Kotak Mahindra Bank Ltd. & Ors. Vs. All India Society for Advance Education and Research – DRAT Delhi Bench

DRAT held that the contention of Ld. Counsel for the respondent that notice u/s. Section 13 (2) SARFAESI Act can only be withdrawn in an eventuality as envisaged under Section 13 (3A) of the SARFAESI Act cannot be accepted for the reason that as discussed in the earlier part of the order, the demand notice can be withdrawn by the Bank if it does not contain the correct figure of debt due. Moreover, the respondent who has failed to make the payment of loan as per schedule, cannot be allowed to take any advantage of an error in the demand notice regarding mentioning of correct amount.

There is no bar in the SARFAESI Act for the bank to withdraw the demand notice u/s 13(2) and issue a fresh one – Kotak Mahindra Bank Ltd. & Ors. Vs. All India Society for Advance Education and Research – DRAT Delhi Bench Read Post »

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