New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Who shall assist the secured creditor in taking

    possession of secured asset?
    A District Court Correct Answer Incorrect Answer
    B Executive Magistrate Correct Answer Incorrect Answer
    C District Magistrate Correct Answer Incorrect Answer
    D Judicial Magistrate of First class Correct Answer Incorrect Answer
    E Civil Court Correct Answer Incorrect Answer

    Solution

    Section 14 SARFAESI Act Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.—(1) Where the possession of any secured assets is required to be taken by the secured creditor or if any of the secured assets is required to be sold or transferred by the secured creditor under the provisions of this Act, the secured creditor may, for the purpose of taking possession or control of any such secured assets, request, in writing, the Chief Metropolitan Magistrate or the District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereof, and the Chief Metropolitan Magistrate or as the case may be, the District Magistrate shall, on such request being made to him— (a) take possession of such asset and documents relating thereto; and (b) forward such asset and documents to the secured creditor

    Practice Next