Securitization Act 2002
Measures in case of non payment
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.
- Take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realizing the secured asset
- Takeover the management of secured asset of the borrower including the right to transfer by way of lease, assignment or sale and realize the secured asset.
- Appoint any person as manager to manage the secured assets the possession of which has been taken over by the secured creditor.
- 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.