Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002, S .14, 13(4) – Security Interest (Enforcement) Rules , 2002, R.8 – Receiver appointed by the Magistrate is not required to follow Rule 8 of the Security Interest (Enforcement) Rules, 2002 – The procedure to be followed by the receiver is otherwise regulated by law – Rule 8 provides for the procedure to be followed by secured creditor taking possession of the secured asset without the intervention of Court
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WHEN BANK GOES TO MAGISTRATE FOR POSSESION AND SUPRESS THAT SECURITY MORTGAGE GIVEN BY GUARATOR EXPIRED THEN MAGISTRATE CAN PASSED ORDER AGAINST DEASED PERSON WHO IS GUARANTOR