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| Home > Govt. Agencies and Taxation > Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest |
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| Time limit For Taking Action After Notice is Served |
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The secured creditor can take action any time after the expiry of 60 days notice. There is no time limit. However action must be taken within reasonable time. The notice cannot be said to be perpetually valid. If the creditor does any act which is contrary to the intention of notice (e.g. reschedules loans or gives further time for repayment), it can be said that the notice has abated and no action can be taken against such notice. |
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