Section 25 SARFAESI Act, 2031 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest.

Section 25 SARFAESI Act, 2031 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002): Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest.

Securitisation company or reconstruction company or secured creditor to report satisfaction of security interest.—
(1) The securitisation company or reconstruction company or the secured creditor as the case may be, shall give intimation to the Central Registrar of the payment or satisfaction in full, of any security interest relating to the securitisation company or the reconstruction company or the secured creditor and requiring registration under this Chapter, within thirty days from the date of such payment or satisfaction. 1[1A) On receipt of intimation under sub‑section (1), the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.]
(2) 2[If the concerned borrower gives an intimation to the Central Registrar for not recording the payment or satisfaction referred to in sub-section (1), the Central Registrar shall on receipt of such intimation], cause a notice to be sent to the securitisation company or reconstruction company or the secured creditor calling upon it to show cause within a time not exceeding fourteen days specified in such notice, as to why payment or satisfaction should not be recorded as intimated to the Central Registrar.
(3) If no cause is shown, the Central Registrar shall order that a memorandum of satisfaction shall be entered in the Central Register.
(4) If cause is shown, the Central Registrar shall record a note to that effect in the Central Register, and shall inform the borrower that he has done so.

 

About us:

Verma Law Associates is an offspring of Advocate Anoop Verma and other experienced Advocates/Lawyers.

Advocate Anoop Verma has been advising individuals, corporates, businesses on a variety of legal issues since his call to the Punjab & Haryana Bar Council.

After gaining years of experience working for law firms, Advocate Anoop Verma opened his own Law firm “Verma Law Associates” where he is able to provide quality legal services at reasonable rates.

During his career, he has been involved in some of the most complicated and high profile cases, and participated in several ground-breaking litigation cases. Having been trained and mentored by some of best lawyers, he brings a unique perspective and varied experience to his practice.

We at Verma Law Associates handles all the cases pertaining to:

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Have a Question about your banking DRT Case? Schedule a Consultation with DRT Advocate.

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Advocate Anoop Verma

Punjab & Haryana High Court Chandigarh, DRT Chandigarh

Email: advanoopverma@gmail.com

 

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