Question
Under Section 14 of the SARFAESI Act, a secured creditor
may request the assistance of which official for taking physical possession of secured assets?Solution
Section 14(1) empowers the secured creditor to request, in writing, the Chief Metropolitan Magistrate (CMM) or the District Magistrate (DM) within whose jurisdiction the secured asset is situated to assist in taking possession. The CMM/DM shall take possession of the asset and documents and forward them to the secured creditor. The application must be accompanied by a detailed affidavit by the authorised officer of the secured creditor declaring NPA status, the 60-day notice having been served, and other facts. The CMM/DM must pass orders within 30 days (extendable to 60 days in aggregate for reasons beyond control). This is an executive remedy, distinct from the judicial remedy before DRT under Section 17.
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