Law and Literature

Long have I been They were to wait. They searched for me all day while I was in the woods far away. Seasons came and ended Snow softened with the smell of spring. The mosses grew as the years blew and they still anticipate with a sigh.  I am a shadow in the doorway now the contours of my absence already painted in the streets long have they been waiting  with lost hopes of my returning.

The SARFASESI Act, 2002 has gone through a paradigm of shifts, the one practical lacuna that all litigants face is the 30 days time granted to the borrower for the right to redemption. As per the procedure envisaged in the act, the secured creditor takes possession of the immovable property and proceeds to issue a notice of sale under Rule 8(6) for the sale of the immovable property. The aggrieved borrowers usually take the recourse under section 17 of the Act and one of the most common grounds taken is ‘the illegal measures/ procedures undertaken by the bank in the non compliance of providing a 30 days period from the date of issuance of sale notice as mandated by the Act’. The practice that was usually and widely being followed was that there was multiple issuance of a sale notice under Rule 8(6) of the SARFESI rule. An individual sale notice was first served to the borrower along with affixation in the said immovable property and after thirty-days gap, another sale notice for public...