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TMI BlogSecurity Interest (Enforcement) Rules, 2002X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the secured creditor, as the case may be, to exercise the rights of a secured creditor under the Ordinance; (b) Demand notice means the notice in writing issued by a secured creditor or authorised officer, as the case may be, to any borrower pursuant to sub-section (2) of section 13 of the Ordinance; (c) "Ordinance" means the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002 (Ord. 3 of 2002); (d) "Approved valuer" means a valuer as approved by the Board of Directors or Board of Trustees of the secured creditor, as the case may be; (e) Words and expressions used and not defined in these Rules but defined in the Ordinance shall have the meanings respectively assigned to them in the Ordinance. Demand Notice 3. (1) The service of demand notice as referred to in sub-section (2) of section 13 of the Ordinance shall be made by delivering or transmitting at the place where the borrower or his agent, empowered to accept the notice or documents on behalf of the borrower, actually and voluntarily resides or carries on business or personally works for gain by registered post with acknowledgement due, addressed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... custody of any person authorised or appointed by him who shall take as much care of the property in his custody as an owner of ordinary prudence would, under the similar circumstances, take of such property: Provided that if such property is subject to speedy or natural decay, or the expense of keeping such property in custody is likely to exceed its value, the authorised officer may sell it at once. (4) The authorised officer shall take steps for preservation and protection of secured assets and insure them, if necessary, till they are sold or otherwise disposed of. (5) In case any secured asset is:-- (a) a debt not secured by negotiable instrument; or (b) a share in a body corporate; (c) other movable property not in the possession of the borrower except the property deposited in or in the custody of any court or any like authority, the authorised officer shall obtain possession or recover the debt by service of notice as under:-- (i) in the case of a debt prohibiting the borrower from recovering the debt or any interest thereon, and the debtor from making payment thereof and directing the debtor to make such payment to the authorised officer; or (ii) in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... em; (c) reserve price, if any, and the time and manner of payment; (d) time and place of public auction or the time after which sale by any other mode shall be completed; (e) depositing earnest money as may be stipulated by the secured creditor; (f) any other thing which the authorised officer considers it material for a purchaser to know in order to judge the nature and value of movable secured assets. (3) Sale by any methods other than public auction or public tender, shall be on such terms as may be settled between the parties in writing. Issue of certificate of sale 7. (1) Where movable secured assets is sold, sale price of each lot shall be paid as per the terms of the public notice or on the terms as may be sealed between the parties, as the case may be, and in the exempt default of payment, the movable secured assets shall be liable to be offered for sale again. (2) On payment of sale price, the authorised officer shall issue a certificate of sale in the prescribed form as given in Appendix-III to these rules specifying the movable secured assets old price paid and the name of the purchaser and thereafter the sale shall become absolute. The certificate of sale so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e a public notice in two leading newspapers one in vernacular language having sufficient circulation in the locality by setting out the terms of sale, which shall include,-- (a) the description of the immovable property to be sold, including the details of the encumbrances known to the secured creditor; (b) the secured debt for recovery of which the property is to be sold; (c) reserve price, below which the property may not be sold; (d) time and place of public auction or the time after which sale by any other mode shall be completed; (e) depositing earnest money as may stipulated by the secured creditor; (f) any other thing which the authorised officer considers it material for a purchaser to know in order to judge the nature and value of the property. (7) Every notice of sale shall be affixed on a conspicuous part of the immovable property and may, if the authorised officer deems it fit, put on the website of the secured creditor on the Internet. (8) Sale by any methods other than public auction or public tender, shall be on such terms as may be settled between the parties in writing. Time of sale, issue of sale certificate and delivery of possession, etc. 9. (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the encumbrances, the authorised officer may issue or cause the purchaser to issue notices to the persons interested in or entitled to the money deposited with him and take steps to make the payment accordingly. (9) The authorised officer shall deliver the property to the purchaser free from encumbrances known to the secured creditor on deposit of money as specified in sub-rule (7) above. (10) The certificate of sale issued under sub-rule (6) shall specifically mention that whether the purchaser has purchased the immovable secured asset free from any encumbrances known to the secured creditor or not. Appointment of Manager 10. (1) The Board of Directors or Board of Trustees, as the case may be, may appoint in consultation with the borrower any person (hereinafter referred to as the Manager) to manage the secured assets the possession of which has been taken over by the secured creditor. (2) The Manager appointed by the Board of Directors or Board of Trustees, as the case may be, shall be deemed to be an agent of the borrower and the borrower shall be solely responsible for the commission or omission of acts of the Manager unless such commission or omission are due to improper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of occurrence of any incidence). Therefore, we declare that the facts of the Panchnama mentioned herein are true and correct to the best of our observations and knowledge. 1. Signature Date Time Name Address 2. -do- Drawn before me Authorised Officer Appendix II [rule 4(2)] Inventory Inventory of movables taken possession in Loan Account bearing No. .....Inventory of movable properties taken possession of at the premises of Shri/M/s. .....Plot No. ...../Gala No. ..... H. No. ....., Street No. .....of.....under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002 and the Security Interest (Enforcement) Rules, 2002 made thereunder, on this.....day of.....20.....by Shri....., authorised officer of.....(name of the Institution) under the said Ordinance between the hours.....M. Sr. No. Description of article Estimated value Place where kept for safe custody (Name of the person if necessary) Panchas: Sr. No. Name and Address of Panch Signatures Drawn by me today the.....20.....at.....M. Signature of Borrower/Representative Signature of Authorised Officer Appendix III [rul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ..../City or Town Survey No. ...../Khasara No. .....Within the registration Sub-district.....and District..... Bounded : On the North by On the South by On the East by On the West by Sd/- Authorised Officer (Name of the Institution) Date: Place: Appendix V [rule 9(6)] Sale Certificate (for Immovable property) Whereas The undersigned being the authorised officer of the.....(name of the Institution) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002 (Ord. 3 of 2002) and in exercise of the powers conferred under section 13 read with rule 12 of the Security Interest (Enforcement) Rules, 2002 sold on behalf of the.....(name of the secured creditor/institution) in favour of.....(purchaser), the immovable property shown in the schedule below secured in favour of the.....(name of the secured creditor) by......(the names of the borrowers) towards the financial facility.....(description) offered by.....(secured creditor). The undersigned acknowledge the receipt of the sale price in full and hand over the delivery and possession of the scheduled property. The sale of the scheduled property was made free ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (if any relied upon).] 8. Interim order, if prayed for: Pending final decision on the application, the applicant seeks issue of the following interim order-- [Give here the nature of the interim order prayed for with reasons.] 9. Matter not pending with any other court, etc.: The applicant further declares that the matter regarding which this application has been made is not pending before any court of law or any other authority or any other Bench of the Tribunal. 10. Particulars of Bank Draft/Postal Order in respect of the application fee: (1) Name of the Bank on which drawn: (2) Demand Draft No: or (1) Number of Indian Postal Order(s): (2) Name of the issuing Post Office: (3) Date of issue of Postal Order(s): (4) Post Office at which payable: 11. Details of Index: An index in duplicate containing the details of the documents to be relied upon is enclosed. [Such documents should include copies of sale certificates or any other documents relating to sale of secured assets and sale proceeds realised]. 12. List of enclosures: Verification I.................................. (Name in full and block letters) son/daughter/wife of Shri...................... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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