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I received a notice under SARFAESI act for recovery of money. What is that? Please tell me procedure further. How can I save myself from this?

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I received a notice under SARFAESI act for recovery of money. What is that? Please tell me procedure further. How can I save myself from this?

Ans.  

Dear Sir, SARFAESI is Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Banks take help of this act by approaching DRT (Debt Recovery Tribunal) in order to recover bad loans. If you have received notice under this act you must have taken loan from bank and not able to repay the same. You need to consult a lawyer expert in this field. Date of appearance in tribunal must have written in the notice or summon. Please feel free to contact us for any further assistance.

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