Scope of work

UNDER SARFAESI ACT, 2002

Making PIM through due-digelence with physical inspection/survey inspection of legal documents and assessment of overall viability for taking action under SARFAESI Act, 2002.

• Drafting and servicing the notices as prescribed under the SARFAESI Act i.e. demand notice under section 13(2), notice for possession U/S 13(4) of the secured assets, notice for possession U/S 13(12), Panchnama, Inventory, notice for sell of secured assets etc.
• Follow- up with the borrower for his education and persuasion for repayment of bank dues.
• Facilitating Bank in seizure of securities/taking possession of movable and immovable assets.
• Obtaining assistance/order of District Magistrate/ Chief Metropolitan Magistrate as and when required for taking over physical possession of secured assets.
• To act as custodian of secured Assets after physical take over.
• To act as manager to manage the secured assets, possession of which has been taken over.
• Arranging security, watch and ward for preservation and protection of secured Assets including insurance etc.
• Every fortnightly provide status report of secured assets with snap shot.
• Valuation of movable and immovable secured assets with Registered Valuars.
• 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 who have ready funds for purchase of secured assets under distress sale.
• Drafting and assisting the bank for publication of prescribed notice for effecting sale of the secured assets and facilitate issue of sale certificate to the buyer.
• Assisting the bank/ bank's lawyer for removal of hurdles stays granted by court/DRT etc, if any.
• Assisting the getting police requisition from local P.S., Co-ordinate withHQ.
• Facilitating negotiations with the borrowers for settlement of bank dues.
• Any other service/steps required for recovery of dues within legal frame work of the Act.