Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (2002), Ss.17, 14, 13(4) – Appeal against order of Magistrate passed under Section 14 – Maintainable – Appeal u/s.17 is available to the borrower when he loses possession of property – The “appeal” under section 17 is available to the borrower against any measure taken under section 13(4) – Taking possession of the secured asset is only one of the measures that can be taken by the secured creditor – Depending upon the nature of the secured asset and the terms and conditions of the security agreement, measures other than taking the possession of the secured asset are possible …
under section 13(4) eg Alienating the asset either by lease or sale etc. and appointing a person to manage the secured asset are some of those possible measures – Section 14 authorises the Magistrate only to take possession of the property and forward the asset along with the connected documents to the borrower – Borrower is always entitled to prefer an “appeal” under section 17 after the possession of the secured asset is handed over to the secured creditor.
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