SARFAESI & ENFORCEMENT SERVICES
At the time of execution of powers under the SARFAESI Act, we provide all types of professional services at different stages:-
- Preparing the Demand Notice i.e., u/s 13(2), and serving it.
- Re Serving of Demand Notice which returns undelivered.
- Preparing and Serving notice of intimation to take possession.
- Taking possession, inventory and preservation and protection, safe guarding of Secured assets.
- Acting as custodian of assets.
- Publishing notices in newspapers as per requirement within the mandatory period.
- Valuation of such secured assets.
- Obtaining orders from the Chief Metropolitan Magistrate / District Magistrate for peaceful vacant possession of secured asset.
- Sale of secured assets taken in possession.
INTENSIVE PRE TAKE OVER INSPECTION REPORT: Before taking over the possession of the property/ies we conduct an intensive pre take over inspection of the assets/security. We prepare a detailed report of the same which is helpful to the Authorized Officer to take further steps.
TAKING POSSESSION: GIS assists Bank officials at the time of taking possession of the secured asset by providing escort services to protect them and assist them in taking peaceful possession of the secured assets. We provide well-trained and well turned-out security personnel having sufficient expertise to tackle and work under such circumstances. We can even provide armed security guards/supervisors/officers holding valid licenses for these arms. We can even get police protection to take forceful physical possession of the secured asset provided the Authorized Officer/Bank agrees for the same.
INVENTORY: Our experienced staff will assist the Bank officials at the time of taking inventory. If required, we can even prepare an inventory of goods and materials lying at the place of secured assets on behalf of the Bank officials.
PRESERVATION & PROTECTION OF SECURED ASSETS: On behalf of Bank we can preserve and protect the secured asset taken into possession. We can get the property insured from the insurance company. If the assets taken in possession are only movable assets, the same can be kept in our ware-house. We even have loading & unloading persons to assist you at the time of taking possession of Secured Movable assets. Where the asset is immovable, the same will be protected by us by deploying our security staff at the place of such immovable secured asset. Where the assets are office premises, residential flats and where the need for deploying security staff doesn’t arise, we will keep on checking these properties taken in possession after the same has been sealed by the Bank official/s in our presence and shall submit a report to the Bank on a monthly basis indicating the current status of such property. If any untoward incident has occurred, the same will be immediately informed to the Bank.
PUBLISHING NOTICES IN NEWSPAPERS: We are having Associates who are advertising agents to cater to your needs of getting the contents of different notices published in newspapers as per the mandatory requirement under the SARFAESI Act. Our advertising cell will assist the A.O. / Bank in finalizing the draft of advertisement and suggest the newspapers so as to get the maximum readership/output of the same. This cell has been developed to get maximum publicity at the time of auction of the secured assets.
VALUATION: We can get the asset/s taken into possession valued from an approved Valuer of the Bank. Our representative/s will accompany the Valuer at the time of valuation. However, if the Bank so requires, we can also get the property valued from our own panel of Government Approved Valuer – independently.
OBTAINING ORDERS FROM CHIEF METROPOLITAN MAGISTRATE / DISTRICT MAGISTRATE: Where the Borrower/Guarantor/Person in possession is not ready to part with the possession of the secured asset in a peaceful manner, if required, we can obtain orders from the concerned Chief Metropolitan Magistrate / District Magistrate through our legal consultants. After obtaining such orders we can even follow-up the same with the Office of the Police Commissioner to request him to direct the concerned police station to provide the necessary police force/ police protection for taking peaceful possession of the secured asset/s.
SALE OF SECURED ASSETS: We even assist the Bank at the time of sale of such secured assets. We have conducted number of auctions on behalf of Banks / FI’s. We can even get prospective buyers for such assets through our own sources. This will help the Bank in speedy and easy disposal of the secured asset/s.