Securitization Act 2002

Procedure for notice

If the pre-conditions for taking action to enforce security interest are satisfied, then security interest may be enforced in the following manner:

The secured creditor can send a written notice to the borrower to discharge in full his liabilities within 60 days from date of notice failing which the secured creditor shall be entitled to exercise all his rights.

The notice shall give details of amount payable by borrower and the secured asset intended to be enforced by the secured creditor in the event of non-payment of secured debts by the borrower.