SARFAESI notice requirements: no separate pre-section 13(4) notice is needed beyond the section 13(2) notice and reasoned response to objections.

Under the SARFAESI Act, the secured creditor need not issue any separate notice before taking measures under section 13(4) or moving under section 14. The statutory scheme requires only the section 13(2) notice, by which the borrower is called on to discharge the liability within sixty days and may raise objections. Those objections must be considered, and reasons for non-acceptance must be communicated before proceeding with enforcement measures. Reading an additional intermediate notice into the statute would amount to adding words not found in the enactment. The process therefore moves from section 13(2) to section 13(4) measures without a further pre-enforcement notice.

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Issues: Whether, before taking measures under section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the secured creditor is required to issue a separate notice under section 13(4) after the notice under section 13(2).

Analysis: The statutory scheme contemplates one notice under section 13(2), calling upon the borrower to discharge the liability within sixty days and enabling the borrower to raise objections. The secured creditor must consider those objections and communicate the reasons for non-acceptance before proceeding to the measures under section 13(4). The requirement of fairness and transparency, as explained in the governing precedent, is satisfied by communication of reasons after objections are considered. The text of the statute does not disclose any further intermediate notice under section 13(4), and reading such a requirement would amount to adding words to the enactment. The provisions dealing with post-notice steps and possession also support the view that the process moves from the section 13(2) notice to the section 13(4) measures, without an additional notice of intent.

Conclusion: No separate pre-section 13(4) notice is required; the only mandatory notice is under section 13(2), followed by consideration and communication of reasons on objections before measures under section 13(4).

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