DEAR ALL THANKS TO GUIDE ME.
MY CLIENT WANT CREATE AN DEBT RECOVER FIRMS AS INDIVIDUAL STATES.
PLZ SUGGEST ME THE PROCEDURE TO CREATE NEW FIRMS AND LEGAL CONSEQUENCE.
Anjuru Chandra Sekhar (Advocate ) 25 May 2012
There is no Debt recovery firm without any Bank's approval given to any firm to recover debts or enforce SARFAESI. There are two types of recovery agents in market today. One are just simple Bank recovery agents whose duty is to follow up with the borrower and get the dues of bank collected. Other type are Enforcement Agents/SARFAESI Agents who require the knowledge of Security Interest Enforcement Rules, 2002 to initiate SARFAESI Proceedings against defaulted borrowers whose list will be given by banks. Some banks come up with advertisements in newspaper for Empanelment of Enforcement agents, example, SBI. Many banks take up applications on any date and DGM-Recoveries or DGM - NPAs have the powers to appoints Recovery agents or Enforcements agents at their discretion. There is no established procedure for empanelment of Recovery agents or Enforcement agents in most of the banks.