SARFAESI Act provides a remedy to banks in case of non-performing assets. A bank can issue notice to the consumer at two stages.
Firstly, when the loan is due the bank can issue notices for payment of the debt and express its intention to declare the financial asset as NPA in case of default to pay.
Secondly, the notice can be sent when the bank decides to convert NPAs into liquid money by selling the same to Asset Reconstruction Company declaring that the person is now a borrower of that Company and not the bank. To reply to such notices and to know what remedies you have, it is advisable to consult experienced debt recovery lawyers in India .