SARFAESI Act 2002
Deepak Rajaram raibole
(Querist) 17 February 2011
This query is : Resolved
is it necessery to publish in news paper possession under section 13/4 & what is limitation of period to publish in news paper
Devajyoti Barman
(Expert) 17 February 2011
No,it is not mandatory. Mere pasting of the notice on the attached property is sufficient.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 23 February 2011
It is essential to follow procedure including publication only in one but two newspaper of the local area.Following the procedure laid down in the act.
8. Sale of immovable secured assets
(1) Where the secured asset is an immovable property, the authorised officer
shall take or cause to be taken possession, by delivering a possession notice
prepared as nearly as possible in Appendix-IV to these rules, to the borrower and by
affixing the possession notice on the outer door or at such conspicuous place of the
property.
(2) The possession notice as referred to in sub-rule (1) shall also be
published in two leading newspapers, one in vernacular language having sufficient
circulation in that locality, by the authorised officer.
(3) In the event of possession of immovable property is actually taken by the
authorised officer, such property shall be kept in his own custody or in the custody of
any person authorised or appointed by him, who shall take as much care of the
property in his custody as an owner of ordinary prudence would, under the similar
circumstances, take of such property.
(4) The authorised officer shall take steps for preservation and protection of
secured assets and insure them, if necessary, till they are sold or otherwise disposed
of.
(5) Before effecting sale of the immovable property referred to in sub-rule (1)
of rule 9, the authorised officer shall obtain valuation of the property from an
approved valuer and in consultation with the secured creditor, fix the reserve price of
