BANK AUCTION PROPERTIES

(Under Sarfaesi Act And The Security Interest Enforcement Rules, 2002)

• Pre-take over examination of identified units/assets including physical inspection/survey, inspection of legal documents and assessment of overall viability for taking action under SARFAESI Act.


• Drafting and servicing the notices as prescribed under the SARFAESI Act and Rules i.e. demand notice under section 13(2); notice for symbolic possession of the secured assets; notice for physical possession; notice for sale of secured assets etc.


• Follow-up with the borrower for his education and persuasion for repayment of bank dues and educating them about the consequences of the provisions of SARFAESI Act


• Taking symbolic possession of the secured assets on behalf of the bank.


• Applying for assistance/order of District Magistrate/Chief Metropolitan Magistrate as and when required for taking over physical possession of secured assets and necessary follow up for obtaining the order.


• Applying for police force for protection during physical possession and follow up for their availability.


• Taking physical possession of the secured assets (Moveable or Immovable) with police help and other private security, eviction of occupants and their belongings, preparation of all legal documents at the time of seizure, publication of prescribed notices, for and on behalf of the banks.


• Arranging Security, watch and ward for preservation and protection of Secured Assets etc. with the consent of the bank.


• Taking physical possession of the secured assets (Moveable or Immovable) with police help and other private security, eviction of occupants and their belongings, preparation of all legal documents at the time of seizure, publication of prescribed notices, for and on behalf of the banks.


• Acting as Custodian and Manager of Secured Assets after physical take over.


• Assisting the bank in the process of sale of seized assets, valuation of movable and immovable secured assets, follow up for fixation of reserve price, etc.


• Assisting bank for sale of acquired assets through auction, direct sales or otherwise with the help of a large data base of prospective buyers/investors/Agents who have ready funds for purchase of secured assets under distress sale.


• Drafting and assisting the bank for publication of prescribed notices for effecting sale of the secured asset and facilitating issue of sale certificate to the buyer .


• Assisting the bank/bank’s Lawyer for removal of legal hurdles, stays granted by Court/DRT etc., if any.


• Facilitating negotiations with the borrowers for settlement of bank dues.


• Any other services/steps required for recovery of dues within legal frame work of the SARFAESI Act.