SARFAESI Reply Notice Sent By The Customer - Required Bank Reply - CiteHR
Admin & Legal Officer
Bharath RS
Legal Manager

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Customer Name : XXX
Co-Borrower Name : YYY
Bank Send U/s. 13(2) SARFAESI notice date 2-1-17 and the customer reply notice 20-1-17 and the same received by bank on 23-7-17.
Points in notice.
Parites agreed the loan amount and they are stating that now the financial conditions are too bad and the XXX and YYY are suffered for Heart problem and attached the Medical certificate. Due to Demonetization issue and the health problem they are not in position to reply the loan now. They required 6 months time.
Bank has to send the denial reply notice for the above fact in polite manner.

As per your post "Bank Send U/s. 13(2) SARFAESI notice date 2-1-17 and the customer reply notice 20-1-17 and the same received by bank on 23-7-17."
The notice under 13(2) of SARFAESI clearly states that borrower/s has to lodge his say within 60 days. In your case you are in receipt of reply after 180 days. You should have initiated action u/s 13(4) of SARFAESI and you have unnecessarily wasted your time.
There is no polite way of reply in act. You should have sent possession notice and while on date of possession, you can have symbolic possession on that date so that it can protect bank's interest. Please note that bank's money is public money and you can not deny/refuse any depositor from premature withdrawal of his money on the ground that so and so borrower is having tough time and we shall be able to pay you on receipt of such money.
A. Prakash .

Dear, Sorry the date of received is typographical error. Correct date is 23.01.2017. Required suitable reply.
Dear Bharath,
As i have said earlier, there is no place for humanity in law. Firstly you should protect/secure interest of your bank and in that line of action you should reply to defaulting borrower NOT ACCEPTED and issue possession notice u/s 13(4) to defaulting borrower along with guarantor/s and fix date, time of possession. On the date of possession, if thought fit you may take symbolic possession of property. You shall have to prepare Daily Report as on date of possession narrating all the details of defaulting borrower with reference to notice issued by you u/s 13(2). Further you shall have to publish an advertisement for the knowledge of public at large in two local news paper in two languages i.e. one in vernacular language and second in international language English. Please debit all the advertisement charges in defaulting borrower's account.
Are aware of above procedure?.

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