Under sarfesai act a notice to the borower to be given to discharge his full liabilities within a period
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The SARFAESI Act, 2002 gives powers of "seize and desist" to bank.
Bank can give a notice in writing to the defaulting its liabilities within 60 days . If the borrower fails to comply with the notice,the bank may take recourse.the borrowers can at any time before the sale in concluded,remit the dues and avoid loosing the security.
Bank can give a notice in writing to the defaulting its liabilities within 60 days . If the borrower fails to comply with the notice,the bank may take recourse.the borrowers can at any time before the sale in concluded,remit the dues and avoid loosing the security.
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