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SARFAESI: Sell Notice to borrower And Public Notice For The Sale Can Be Issued Simultaneously

The Supreme Court, in Canara Bank vs. M. Amarender Reddy, has held that it is permissible to simultaneously issue notice to the borrower about the intention to sell the secured assets and also to issue a public notice for sale of such secured asset by inviting tenders from the public or by holding public auction.

“There is no need to wait for the expiry of 30 days from issuance of notice of intention to sell the secured asset given to the borrower, for publication of a public notice for sale of such asset. Nor is there any requirement to give a separate individual notice prior to deciding on the mode of sale of the secured asset,” the bench said.

Article referred: http://www.livelaw.in/notice-borrower-intention-sell-secured-asset-public-notice-sale-can-issued-simultaneously-sc/

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