APPLICATION UNDER SECTION 17 OF THE SARFAESI ACT, 2002

 

BEFORE THE DEBT RECOVERY TRIBUNAL [Jurisdiction]

IN THE MATTER OF: [Name of the Applicant] [Address of the Applicant] ...Applicant

Versus

[Name of the Bank/Financial Institution] [Address of the Bank/Financial Institution] ...Respondent

APPLICATION UNDER SECTION 17 OF THE SARFAESI ACT, 2002

MOST RESPECTFULLY SHOWETH:

1.      That the Applicant is the borrower/guarantor and is filing this application under Section 17 of the SARFAESI Act, 2002, challenging the Possession Notice dated [DD/MM/YYYY] issued by the Respondent Bank.

2.      That the Applicant had availed a loan from the Respondent, but due to financial difficulties, some defaults occurred. However, the Respondent Bank has issued the Possession Notice in violation of statutory requirements.

3.      That the Possession Notice is defective and liable to be set aside on the following grounds: a) Non-mention of the Guarantor’s name: The Possession Notice does not include the name of the Guarantor, which is a mandatory requirement, making it invalid. b) Unidentifiable Secured Asset: The particulars given in the Possession Notice are vague and do not allow proper identification of the secured asset, rendering the notice void. c) Delay and Limitation: The Demand Notice under Section 13(2) was issued in 2008, and the Possession Notice was issued after 17 years in 2025, which is beyond the limitation period and hence unenforceable. d) Violation of Principles of Natural Justice: The Borrower was not given a proper opportunity to respond or rectify the defaults before possession proceedings were initiated.

4.      That the Applicant has a meritorious case and will suffer irreparable loss if possession is taken based on an invalid notice.

5.      That the Applicant has not filed any other application or proceeding in respect of the subject matter of this case before any court or tribunal.

PRAYER

In view of the above facts and circumstances, the Applicant prays that this Hon’ble Tribunal may be pleased to:

(a) Quash and set aside the Possession Notice dated [DD/MM/YYYY] issued by the Respondent Bank. (b) Grant an injunction restraining the Respondent from taking any further action under the SARFAESI Act concerning the secured asset. (c) Pass any other order as may be deemed fit and proper in the interest of justice.

PLACE: [City]
DATE: [DD/MM/YYYY]

[Signature]
[Name of the Applicant]
[Address of the Applicant]
[Contact Details]