Yes it will give notice for the same but it’s better to approaching DRT for stay
I am a Auction purchaser , Please advise if bank pasted the notice on 3rd March'2025 and given 15 days notice period to vacate the property which is already expired on 19th March'2025 also Bank sent a letter to the borrower for the same. Now bank received fixed date on 21st April'2025 from DM to physical the property, My question is now then again is required to paste the 2nd time notice by Bank ?
Under Section 14 of the SARFAESI Act, the District Magistrate (DM) or Chief Metropolitan Magistrate (CMM) is not required to issue a notice to the borrower at the time of taking physical possession of the secured asset; their role is ministerial, not adjudicatory.
If the borrower does not settle the dues even after symbolic possession, the lender can approach the District Magistrate (DM)CMM/DM Not Required To Give Notice To Borrower Before Taking Possession Of Secured Asset: under Section 14 of the SARFAESI Act to obtain physical possession of the property.
For the proceeding under section 14 for taking physical possession of the secured asset of the Bank, it need nit give any further notice to the borrower.
In other words the borrower can not participate in a section 14 proceeding and the DM/CMM as the case may be once satisfied with the mandatory disclosures by Bank can issue order for taking physical possession.
Notice to vacate is given only once. Fifteen days are given to the person in possession of property, authority may take more time to enforce the order to vacate. There will not be second notice.
No, the bank is not required to paste the second notice under Section 14 of the SARFAESI Act, 2002 unless specifically directed by the District Magistrate (DM) or Court. The purpose of the 15-day notice issued on 3rd March 2025 was to inform the borrower about the impending possession, which has already expired on 19th March 2025.
Now that the DM has fixed 21st April 2025 for taking physical possession, the bank can proceed with possession through the authorities. The borrower has already been given due notice, and a fresh notice is not mandatory unless required under specific circumstances, such as additional legal challenges or objections raised by the borrower.
As the successful purchaser at the Sarfaesi auction, it is in your best interests to let the bank get the property vacated and deliver you vacant possession. The action taken by the bank to approach the DM is the proper way. Please wait patiently for getting a vacant possession.
Dear Client,
As a purchaser at an auction, the following is what you should know:
Hope this helps you out, should you require any other explanations or difficulties, please just ask.
1. From your post it appears that the DM has issued Order under Section 14 of SARFESI Act, 2002 for taking actual physical possession of the mortgaged property for handing over to the Applicant Bank
2. In the instant matter it is the Order of the DM where copy will be marked to the mortgagor/borrower and it is not the duty of the Bank to paste it on the wall of the mortgaged property.
3. Actually the copy of the order is to be posted by the DM to all concerned including the owner of the mortgaged property.