Drt -nbfc loan recovery

This query is : Resolved 

17 January 2019


I need view, where case is filed with DRT is taking too long(24 months+) or orders are delayed under section 14 of Sarfaesi Act or files are not moving to next level, what is best option available to NBFC to have 14 order in place ?

Ramesh Mundra

18 January 2019

Dear Sir,
File application before DRT for early disposal of the case or you may approach High Court to get time bound disposal direction to the DRT.

Please mark “LIKE” if satisfied by my answer.

K.K.Ganguly (Expert)
Click to Talk
18 January 2019

1. Order for taking physical possession with police help is passed by the DM u/s14 of SARFAESI Act.

2. Apply before the DM for availing the above order for which the AO of the NBFC shall have to submit an affidivit affirming on around 23 points.

3. Once the said order is passed by the DM, the AO can arrange to collect the possession of the mortgaged property from the DM or his authorised person who will take physical possession of the said property with police help.

3. The entire operation might take 1 month if closely foillowed.

4. Engagae a local lawyer having expertise in SARFAESI matters.

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