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Sub: Demand Notice Under Section 13 (2) of Sarfaesi Act, 2002

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0% found this document useful (0 votes)
55 views2 pages

Sub: Demand Notice Under Section 13 (2) of Sarfaesi Act, 2002

Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Demand Notice

Sub : DEMAND NOTICE UNDER SECTION 13(2) OF SARFAESI ACT, 2002

You have availed financial assistance with an undertaking for repayment of the said financial
assistance as per the terms of the agreement. In accordance with the agreement, you have taken
a loan on 4/09/2015, bearing account no OCC 100156007220011 for a sum of Rs 20,00,000/-
(twenty lakh only) from Kozhikode district cooperative bank, Thamarasery branch. The below
mentioned property is mortgaged and it is the security for the loan amount, interest and any
other additional expenses to the bank based on the loan agreement.

Particulars of the Property

Based on the document No 2906/2005 of the Kodenchery Sub Registrar office, Sri V.V.joseph
S/o Varkey, valiyanikkal house, P.O. Kuppayakode, PIN 673580 is the owner in possession of
land having extent of 1 Acre in Re Survey No. 57/1 of Padoor Desom, oongapuzha Village,
Thamaraserry Taluk, Kozhikode District.

Boundary (As mentioned in the Location Certificate)

EAST Mullan Kuzhi Kunju


SOUTH Johnson, Philippose
WEST George
NORTH Varghese

As per the agreement, you have defaulted in the payment of the loan amount. Despite repeated
requests, you have failed and neglected to repay the said dues. The operation of and conduct of
the above said financial assistance have become irregular and the debt has been classified as
non-performing assets in accordance with Section 2(o) of the guidelines relating to asset
classifications issued by the Reserve Bank of India consequent to the default committed by you
in repayment of debt and interest thereon.

Loan Details

Loan Account No: OCC -20011 Loan sanctioned date 04-09-2015


Loan Amount Rs. 20,00,000
Interest till 30-11-2017 Rs. 5,81,673
Other expenses Rs. ………
Total Amount till Rs. 25,81,673
Therefore, the bank directs you to discharge in full your liabilities i.e., sum of Rs
25,81,673/- and the interest amount of 15 % and penal interest from 30/11/2017 and any other
additional expenses to the bank within 60 from the date of receipt of this notice. If you fail to
repay to the Bank the aforesaid sum, by virtue of section 13(4) of the act, the mortgaged
property will be taken into possession and sold off without any further notice.

In accordance with terms of section 13(13) you shall not transfer by sale, lease or otherwise the
said secured assets detailed in this notice without obtaining written consent of the Bank. The
bank has the authority to sell the mentioned property as the true owner by virtue of section
13(6) of the act.

This is to remind you that, 60 days from receipt of this notice you'll have to pay the loan
amount, interest and other expenses. If not complied with the notice you will be held
responsible for the irreparable loss sustained. The notice is without prejudice to the banks right
to initiate such other actions or legal proceedings, as it deems necessary under any applicable
provisions of law.

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