Taking Physical & Symbolic Possession of Secured Assets - Elixir Strategic Management
20157
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Taking Physical & Symbolic Possession of Secured Assets

Services

Once the borrower fails to respond to the statutory notice within the stipulated time, the bank can take possession of the secured asset. Elixir facilitates both symbolic and physical possession of movable and immovable properties. Symbolic possession is initiated through public notice and affixing possession statements, while physical possession often requires the intervention of local authorities or the District Magistrate under Section 14 of the SARFAESI Act. Elixir coordinates all necessary steps, including liaison with police, preparation of possession memos, inventory preparation, and video documentation to ensure a smooth and lawful possession process. This helps the bank avoid illegal possession charges and facilitates later auction or sale.

  • Facilitate symbolic and physical possession of secured assets.
  • Draft possession notice and affidavit for District Magistrate (DM).
  • File applications under Section 14 of SARFAESI for police support.
  • Affix possession notice and take inventory.
  • Coordinate with local administration and revenue officers.
  • Handle resistance or objections from borrowers or tenants.
  • Ensure video and photographic documentation for records.
  • Provide on-ground support during possession proceedings.
  • Prevent disputes through lawful and transparent process.
  • Assist in property sealing and safeguarding arrangements.