Start with the documents
A borrower should preserve the demand notice, possession notice, loan and security documents, account statements, correspondence and any settlement proposals. A complete document set helps establish the chronology.
Check the timelines
SARFAESI proceedings operate through statutory stages. The date and manner of service of notices can matter, as can subsequent steps concerning possession and sale.
Review the security and claim
The underlying security documents, the secured asset, the amount claimed and the basis for enforcement should be reviewed carefully.
Consider the appropriate remedy
Depending on the facts and stage of proceedings, legal advice may be required on available remedies before the appropriate forum.
This article is provided for general information and should not be treated as legal advice. The application of law depends on the facts and circumstances of each matter.