Banks Legal Contentions

Summary

To support a banks issuance of a physical possession notice, the legal draft should emphasize compliance with the SARFAESI Act, the borrowers default on loan repayment, adherence to the required notice period, and following due process.

Full Conversation

Please tell if the borrowre is saying that in an illegal manner and nonarbitraty manner a bank has issued a physical possession notice against the borrower then what contention in favour of bank can be taken and written in a legal draft
Hi Shalka,
To provide contentions in favor of the bank for issuing a physical possession notice, you could include points like:
- **Compliance with SARFAESI Act**: Ensure the bank followed the procedures outlined in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, *.
- **Default by Borrower**: Highlight that the borrower has defaulted on the loan repayment, substantiating with dates and amounts.
- **Notice Period**: Confirm that the required notice period was given to the borrower before taking possession.
- **Due Process**: Mention that all due processes, including issuing of demand notice and possession notice, were adhered to as per the law.
Could you please share more details about the location of this event? This will help in providing more precise information regarding the court or any other relevant legal body.