Tahmar Enterprises Receives ₹24.4 Crore SARFAESI Demand Notice, Company Vows to Contest Legality

Tahmar Enterprises Limited has received a formal demand notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The notice was issued by the Kolhapur District Central Co-operative Bank Limited (KDCC Bank) over an outstanding dues claim crossing ₹24 crores.

Debt Demands and Asset Security Posture

The legal dispute stems from a registered commercial mortgage deed signed on October 17, 2024 (registered under Sr. No. 4901/24). Under this deed, Tahmar Enterprises had placed land assets as collateral to back its credit lines.

The operational parameters of the recovery notice are as follows:

The Demanded Sum: KDCC Bank has called upon the company to clear an aggregate outstanding amount of ₹2,440.07 lakhs (~₹24.40 crores).

Collateral at Risk: The underlying bank mortgage encompasses a specific piece and parcel of land demarcated as Gat No. 990/1, situated at Bhadgaon, Gadhinglaj, Kolhapur, Maharashtra.

Cure Window: Under Section 13(2) guidelines, the lender has given the borrower a statutory 60-day window from the date of the notice to settle the entire dues amount.

Timeline of Receipt: While the demand notice is dated July 1, 2026, the company stated that it officially received the paperwork on July 8, 2026.

Grounds of Defense and Next Steps

Tahmar Enterprises has explicitly stated that it does not accept the bank's demands and is actively contesting the notice through legal channels.

The company's primary defense rests on procedural non-compliance regarding banking guidelines for smaller enterprises:

Core Legal Stance:

Tahmar Enterprises is challenging the recovery action on the grounds that the cooperative bank failed to follow the mandatory statutory framework for the revival and rehabilitation of Micro, Small, and Medium Enterprises (MSMEs). The company argues that lenders are legally obligated to exhaust these specialized restructuring and rehabilitation pathways before a stressed MSME account can be classified as a Non-Performing Asset (NPA) and subsequent foreclosure actions are triggered.

Management clarified that the current document is strictly a preliminary demand notice under Section 13(2). The lender has not yet initiated any physical asset possession or management takeover measures under Section 13(4) of the SARFAESI Act.

The firm is taking all necessary legal steps to resolve the dispute and protect its land assets.

Source : Equity Bulls

Keywords

TahmarEnterprises SARFAESI DemandNotice KDCCBank