Physical posseion procedure sarfaesi act
10 months ago
The Sm has granted permission to a nationalised bank for physical possion of a property under sarfaesi act,.But I have not received any notice , inky a message from lical poluce station ,where a statement was taken that I willpay the amount in 30 days.Can a physical possession under sardaesi be taken without any notice? How many days ?
A.Dear Client,
Under Rule 9 (9) the Security Enforcement (Rules), 2002, states that the authorized officer shall deliver the property to the buyer free from all encumbrances known to the secured creditor or not known to the secured creditor. Rule 8 (4) indicates that where possession is taken by the authorized officer before issuance of the sale certificate under Rule 9, the authorized officer shall take steps for the preservation and protection of secured assets till they are sold or otherwise disposed of. There is no stipulation in section 13 of SARFAESI Act or elsewhere that the right to transfer can be exercised only after taking over the actual physical possession or that the exercise of taking over possession under section 13(4) shall be of actual physical possession, resulting in complete dispossession of the secured debtor,and Right of the auction purchaser to get de facto possession. Get in touch with the concerned Bank for first-hand information explaining the relevant points.
Under Rule 9 (9) the Security Enforcement (Rules), 2002, states that the authorized officer shall deliver the property to the buyer free from all encumbrances known to the secured creditor or not known to the secured creditor. Rule 8 (4) indicates that where possession is taken by the authorized officer before issuance of the sale certificate under Rule 9, the authorized officer shall take steps for the preservation and protection of secured assets till they are sold or otherwise disposed of. There is no stipulation in section 13 of SARFAESI Act or elsewhere that the right to transfer can be exercised only after taking over the actual physical possession or that the exercise of taking over possession under section 13(4) shall be of actual physical possession, resulting in complete dispossession of the secured debtor,and Right of the auction purchaser to get de facto possession. Get in touch with the concerned Bank for first-hand information explaining the relevant points.
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A.Dear Sir,
Notice can be served in various modes like personal service, pasting on the building and also issuing public notice in newspapers. Under SARFAESI Act, the Bankers having full powers to take possession and no Court will help you.
Notice can be served in various modes like personal service, pasting on the building and also issuing public notice in newspapers. Under SARFAESI Act, the Bankers having full powers to take possession and no Court will help you.
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