AN APPLICATION UNDER SECTION 17 OF THE SECUTARISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002

AN APPLICATION UNDER SECTION 17 OF THE SECUTARISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 BY A THIRD PARTY WHO IS NEITHER BORROWER NOR GUARANTOR

The Bank/Financial Institution has issued a Notice u/s. 13 (2) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and threatening to take actions under the same against the property of a third party who is neither a borrower nor a guarantor nor in any manner responsible to Bank/ Financial Institution. This is a precedent of an application under Section 17 of the Secutarisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 by a third party to be filed before Debt Recovery Tribunal challenging the said action of the Bank/Financial Institution.