Securitization Act 2002

Magistrate supervision to take over possession

The secured creditor can take over possession of assets 60 days after giving notice.

Where possession of assets is required to taken or if any asset is required to be sold or transferred and if the secured creditor expects resistance, he can request the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction the assets are located, to take possession of the assets. The Magistrate shall then transfer these assets to secured assets.