Section 3(5) in The Security Interest (Enforcement) Rules, 2002
(5)[ The demand notice may invite attention of the borrower to provisions of sub-section (8) of section 13 of the Act, in respect of time available to the borrower, to redeem the secured assets.] [Inserted by Notification No. G.S.R. 1046 (E), dated 3.11.2016 (w.e.f. 20.9.2002).][3-A. Reply to representation of the borrower. [ Inserted by S.O. 103(E), dated 2.2.2007 (w.e.f. 2.2.2007).](a)After issue of demand notice under sub-section (2) of section 13, if the borrower makes any representation or raises any objection to the notice, the Authorized Officer shall consider such representation or objection and examine whether the same is acceptable or tenable.(b)If on examining the representation made or objection raised by the borrower, the secured creditor is satisfied that there is a need to make any changes or modifications in the demand notice, he shall modify the notice accordingly and serve a revised notice or pass such other suitable orders as deemed necessary, within [fifteen days] from the date of receipt of the representation or objection.(c)If on examining the representation made or objection raised, the Authorized Officer comes to the conclusion that such representation or objection is not acceptable or tenable, he shall communicate within [fifteen days] [Substituted 'one week' by Notification No. G.S.R. 1046 (E), dated 3.11.2016 (w.e.f. 20.9.2002).] of receipt of such representation or objection, the reasons for non-acceptance of the representation or objection, to the borrower.]
