POSSESSION NOTICE

 

POSSESSION NOTICE
(Under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002)

[Name of the Bank/Financial Institution]
[Address of the Bank/Financial Institution]
[Contact Details]

To,
[Name of the Borrower(s)/Guarantor(s)]
[Address of the Borrower(s)/Guarantor(s)]

Subject: Possession Notice under Section 13(4) of the SARFAESI Act, 2002

Whereas, the undersigned being the Authorized Officer of [Name of Bank/Financial Institution], under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and in exercise of powers conferred under Section 13(4) of the Act read with Rule 8(1) of the Security Interest (Enforcement) Rules, 2002, has taken possession of the below-mentioned secured asset(s) in connection with the loan/credit facility availed by you from [Name of Bank/Financial Institution].

You were served with a Demand Notice dated [DD/MM/YYYY] under Section 13(2) of the SARFAESI Act, 2002, calling upon you to repay the outstanding amount of Rs. [Amount] (Rupees in words) due as on [DD/MM/YYYY], with further interest and other charges thereon, within 60 days from the date of the said notice. However, despite the lapse of the statutory period, you have failed to discharge your liability.

Accordingly, in the exercise of powers conferred under Section 13(4) of the SARFAESI Act, 2002, the undersigned has taken possession of the secured asset(s) described herein below:

Details of the Secured Asset(s): [Provide full details of the property, including address, boundaries, and any other identifying details.]

The borrower(s) and the general public are hereby cautioned not to deal with the said asset(s) in any manner and any dealings with the said asset(s) will be subject to the charge of [Name of Bank/Financial Institution] for an amount of Rs. [Amount], along with further interest, costs, and charges.

The possession notice will also be published in two newspapers (one in an English language and one in the local vernacular language) as required under Rule 8(2) of the Security Interest (Enforcement) Rules, 2002.

For any further clarification, you may contact the undersigned at the details provided below.

Date: [DD/MM/YYYY]
Place: [Location]

Authorized Officer
[Name of the Officer]
[Designation]
[Bank/Financial Institution]
[Contact Information]

Note: This is a legal notice under the SARFAESI Act, 2002, and must be complied with. Any objections, if any, may be raised as per the provisions of the Act.