Enforcement of security interest: procedural steps for possession, valuation and sale to realise secured debt. The Rules establish procedures for enforcement of security interests under the Ordinance: definitions of authorised officer, demand notice and approved valuer; modes of service including substituted service by affixture and newspaper publication; possession-taking of movable and immovable secured assets with Panchnama and inventory requirements; valuation, reserve price fixation and sale methods (quotations, tenders, auction, private treaty) with prescribed notice, publication and deposit rules; issuance of sale certificates evidencing title; appointment and powers of a Manager; and procedure for recovering any shortfall through application to the Debts Recovery Tribunal under prescribed forms and fees.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Enforcement of security interest: procedural steps for possession, valuation and sale to realise secured debt.
The Rules establish procedures for enforcement of security interests under the Ordinance: definitions of authorised officer, demand notice and approved valuer; modes of service including substituted service by affixture and newspaper publication; possession-taking of movable and immovable secured assets with Panchnama and inventory requirements; valuation, reserve price fixation and sale methods (quotations, tenders, auction, private treaty) with prescribed notice, publication and deposit rules; issuance of sale certificates evidencing title; appointment and powers of a Manager; and procedure for recovering any shortfall through application to the Debts Recovery Tribunal under prescribed forms and fees.
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