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- A possession notice under the SARFAESI Act is a legal notice issued by a secured creditor (such as a bank or financial institution) to a borrower who has defaulted on loan payments1. It is issued after the borrower fails to repay within the 60-day period of a Section 13 (2) notice. The possession notice authorizes the secured creditor to take possession of the secured assets, which can be done through physical takeover or appointment of a Receiver2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A possession notice under Section 13 (4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act is a legal notice issued by the secured creditor (typically a bank or financial institution) to the borrower who has defaulted on their loan payments.www.eauctionsindia.com/blogs/understanding-secti…Issued after the borrower fails to repay within the 60-day period of Section 13 (2) notice. Authorizes the secured creditor to take possession of the secured assets. Methods of possession can include: Physical takeover of the assets. Appointment of a Receiver to manage the assets.www.jsrohilla.com/sarfaesi-notice-under-section-13…
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