Under the SARFAESI Act, 2002, a mandatory 30-day notice must be served to the borrower before an auction, as per rule 8(6) of the Security Interest (Enforcement) Rules, 2002. Failure to serve this notice violates statutory requirements, often rendering the auction void. Borrowers can appeal DRT decisions to the DRAT within 30–45 days. In this post we will … Read more
In this post we will discuss about the the deposit amount under section 21 of Recovery of Debts due to Banks and Financial Institutions Act, 1993 fo filing an appeal in Debt Recovery Appellate Tribunal. Supreme Court already has held that Borrower Has To Pre-Deposit 50% Of The “Debt Due” In Appeal Under Section 18 … Read more
A “Redemption DRAT Appeal” refers to a borrower’s appeal to the Debt Recovery Appellate Tribunal (DRAT) challenging a Debt Recovery Tribunal (DRT) order, often related to their right to “redeem” mortgaged property under the SARFAESI Act, usually involving strict timelines (30-45 days) and depositing a percentage (often 50%, sometimes reduced to 25%) of the debt as a pre-condition, with … Read more
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