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of <h1>Key Procedures for Enforcing Security Interests: Demand Notices, Asset Possession, and Sales Under 2002 Rules</h1> The Security Interest (Enforcement) Rules, 2002, established under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002, outline procedures for enforcing security interests by secured creditors. Key provisions include definitions of terms such as 'authorised officer' and 'demand notice,' procedures for serving demand notices, and steps for taking possession of movable and immovable secured assets. The rules specify methods for valuing and selling these assets, including public auctions and private treaties. They also cover the issuance of sale certificates, management of secured assets, and procedures for recovering any shortfall of secured debt through applications to the Debts Recovery Tribunal.
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