Allowed
Nathiya v. Indian Bank
DRTSA/604/2023
Case brief
AI extract
What is this about?
The Debt Recovery Tribunal allowed an application filed by a borrower challenging a bank's possession notice. The court held that the bank failed to comply with Section 13(2) provisions because the newspaper publication of the demand notice was not within the required seven-day period after issuance. Consequently, the possession notice was set aside.
What did the court decide?
The Securitization Application was allowed; the Section 13(2) demand notice dated 17.03.2023 and the possession notice dated 05.10.2023 were set aside.