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Home > Govt. Agencies and Taxation > Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest
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Measures In Case of Non Payment
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If the borrower pays within 60 days no further action is required. However if he fails to pay full amount within specified period the secured creditor can take one or more of the following measures to recover his dues.
  1. Take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset
  2. Takeover the management of secured asset of the borrower including the right to transfer by way of lease, assignment or sale and realise the secured asset.
  3. Appoint any person as manager to manage the secured assets the possession of which has been taken over by the secured creditor.
  4. Require at any time by notice in writing, any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the secured creditor, so much of the money as is sufficient to pay the secured debt.
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Introduction
What is Security Interest, Property, Hypothecation
Who is A Secured Creditor & When Can Security Be Enforced
What is A NPA (Non Performing Asset)
Procedure For Notice
Measures In Case of Non Payment
Rights of Financial Corporation In Case of Default
Time limit For Taking Action After Notice is Served
Jurisdiction of Civil Court Barred
Magistrate Supervision to Take Over Possession
Change of Directors/Appointment of Administrator
Effect of Takeover of Management
Appeal to Debt Recovery Tribunal (DRT)
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