DRAT upholds Validity of Notice served u/r 9(1) of Security Interest (Enforcement ) Rules, Citing...

The DRAT (Debt Recovery Appellate Tribunal) has upheld the validity of a notice served under Rule 9(1) of the Security Interest (Enforcement) Rules, citing sufficient evidence. The tribunal dismissed an appeal by Punjab National Bank, ruling that the notice was properly served and that the bank's challenge was without merit. The ruling provides clarity on the proper procedure for serving notices under the SARFAESI Act and reinforces the importance of adhering to the rules, ensuring that banks act in accordance with the law.