Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002

Section - 14 - Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset

Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.

14. (1) Where the possession of any secured asset is required to be taken by the secured creditor or if any of the secured asset is required to be sold or transferred by the secured creditor under the provisions of this Act, the secured creditor may, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or as the case may be, the District Magistrate shall, on such request being made to him-

(a)	-	take possession of such asset and documents relating thereto; and
(b)	-	forward such asset and documents to the secured creditor:

[Provided that any application by the secured creditor shall be accompanied by an affidavit duly affirmed by the authorised officer of the secured creditor, declaring that-

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