Can the borrower/guarantor challenge the Banks action of issuance of demand notice u/s 13(2) ?
No. Only after 60 days of receipt of notice, if the borrower is aggrieved by any of the measures/actions taken by the Bank u/s 13(4) in that case he may challenge such action in appeal before DRT. 32. In case of appeal whether borrower/guarantor has to pre-deposit any amount of debt due. Yes. He has to deposit at least 75% of the debt due at the time of appeal. However, the DRT has the discretion to reduce or waive the amount of pre-deposit for reasons to be recorded in writing.
Related Questions
- Can a financial institution take legal action against the borrower and guarantor at the same time without exhausting all means to go after the borrower first?
- Whether demand notice under section 13(2) can be issued to both the borrower and the guarantor?
- Can the borrower/guarantor challenge the Banks action of issuance of demand notice u/s 13(2) ?
