Demand Notice under Section 13(2) SARFAESI Act Format

[ON THE LETTERHEAD OF THE SECURED CREDITOR — AUTHORISED OFFICER]

By Registered Post A/D / Speed Post / Courier & Email

Date: [DD/MM/YYYY]
Ref. No.: [___]

To,
1. [Name of Borrower], [Address]
2. [Name of Co-borrower / Guarantor / Mortgagor], [Address]

Subject: Demand notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, read with the Security Interest (Enforcement) Rules, 2002.

Sir/Madam,

1. That at your request, [Name of Secured Creditor] (the "secured creditor") sanctioned and disbursed the following credit facilities to you, which you agreed to repay with interest as per the terms of the loan documents:

   Facility | Account No. | Sanction Date | Sanctioned Amount (Rs.)
   [___]    | [___]       | [___]         | [___]

2. That to secure repayment, you created security interest over the assets described in the Schedule below by [registered mortgage / deposit of title deeds / hypothecation] under documents dated [DD/MM/YYYY], [which has been registered with CERSAI under Security Interest ID ___].

3. That you have defaulted in repayment of principal and interest, and the account(s) were classified as a Non-Performing Asset on [DD/MM/YYYY] in accordance with the directions and guidelines of the Reserve Bank of India.

4. That as on [DD/MM/YYYY], a sum of Rs. [Total Outstanding] (Rupees [in words]) is due from you, comprising principal Rs. [___], interest Rs. [___] and other charges Rs. [___], together with further interest at the contractual rate from [DD/MM/YYYY] until payment (statement enclosed).

5. You are hereby called upon to discharge in full your liabilities of Rs. [Total Outstanding] with further interest and charges within sixty (60) days from the date of this notice, failing which the secured creditor shall be entitled to exercise all or any of the rights under Section 13(4) of the Act, including taking possession of the secured assets, without further reference to you.

6. Your attention is invited to Section 13(8) of the Act regarding the time available to redeem the secured assets, and to Section 13(13), under which you shall not transfer by sale, lease or otherwise any of the secured assets referred to in this notice without the prior written consent of the secured creditor.

7. You may make any representation or raise any objection to this notice, which shall be considered in accordance with Section 13(3A) of the Act.

SCHEDULE OF SECURED ASSETS
[Full description of each property / asset: survey or plot no., area, boundaries, address; or description of hypothecated assets.]

This notice is without prejudice to the secured creditor's other rights and remedies, including proceedings before the Debts Recovery Tribunal and against guarantors.

[Name], Authorised Officer
[Name of Secured Creditor]
[Place]