Section 14 of SARFAESI ACT provides ........

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Section 14 of SARFAESI ACT provides

Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking possession of secured asset.

Enforcement of security interest

Power of Reserve Bank to call for statements and information.

Power of Reserve Bank to carry out audit and inspection.

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Explanation:

The Secured Creditor can take the assistance of the Chief Metropolitan Magistrate or District Magistrate (with competent jurisdiction) in taking possession or control over secured asset through a request in writing. District Magistrate or the Chief Metropolitan Magistrate, as the case may be, pass suitable orders for the purpose of taking possession of the secured assets within a period of thirty days from the date of application. This period can only be extended upto 60 days.