JAIIB | LRAB Unit 22 | Enforcement Of Security Interest
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Enforcement Of Security Interest
Under the SARFAESI Act , 2002 a secured creditor can enforce the security created in his favor without the intervention of the court or tribunal.
Section 13(2) speaks about the notice to be given by the secured creditors to the borrower , who has defaulted in making the re-payment and whose account is classified as NPA

Where any borrower, who is under a liability to a secured creditor under a security agreement, makes any default in repayment of secured debt and his account in respect of such debt is classified as non-performing asset
Secured creditor may require the borrower by notice in writing to discharge in full his liabilities to the secured creditor within sixty days from the date of notice failing which the secured creditor shall be entitled to exercise all or any of the rights under sub-section (4).

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