No Fresh Notice to Legal Heirs Required to Take Possession Under SARFAESI Act: J&K HC

Mst. Sundri Vs Jammu & Kashmir Bank Ltd. (Jammu & Kashmir High Court) Jammu & Kashmir High Court has ruled that a fresh notice to the legal heirs of a deceased borrower is not a mandatory requirement for a secured creditor to take possession of a secured asset under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The ruling came in the case of Mst. Sundri vs. Jammu & Kashmir Bank Ltd., where the petitioners challenged an order from the Chief Judicial Magistrate, Srinagar, which granted the re...