Enforcement of Security Interest under SARFAESI can’t be Exercised Arbitrarily to the utter Disadvantage of the Borrower - Dr. Rajeev Babel

My ARTICLE PUBLISHED IN CHARTERED SECRETARY - APRIL 2018 ISSUE: Rule 8(6) of The SARFAESI Rules prescribes that the authorised officer shall serve to the borrower a notice of 30 days for sale of the immovable secured assets. Further Rule 9(1) prescribes that no sale of immovable property shall take place before the expiry of 30 days from the date on which the public notice of sale is published in newspapers or/(and) notice of sale has been served to the borrower. In the case of Smt. R. Vimala v. State Bank of India, the High Court of Andhra Pradesh interpreted, Rule 8 and 9 in relation to counting of 30 days and opined that once there is an allegation of violation of mandatory provisions and procedure under a statute, the writ petition is maintainable as an exceptional case, irrespective of alternative remedy available. The provisions of the SARFAESI Act, shall not be in derogation but in addition to any other law for the time being in force (which include the General Clauses Act and Indian Limitation Act) unless same is inconsistent with any other law to say then the provisions of the Act prevails over the other law inconsistent to it.

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