https://www.taxtmi.com/article/detailed?id=6011 The article explains recovery of Non Performing Assets under the SARFAESI framework: secured creditors may enforce security by issuing the statutory notice under Section 13(2) and, on default, exercising measures in Section 13(4) including possession, management takeover, appointment of managers and directing third-party payments; costs and expenses are recoverable from the borrower. Statutory notice, sale notice and confirmation requirements and magistrate assistance under Section 15 and territorial provisions are mandatory; non-compliance can be set aside by the Debt Recovery Tribunal which is empowered to restore assets and award compensation, with appeals to the Appellate Tribunal subject to deposit and limitation rules. en-us Thu, 15 Jan 2015 07:58:55 +0530 Thu, 15 Jan 2015 07:58:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6011 The article explains recovery of Non Performing Assets under the SARFAESI framework: secured creditors may enforce security by issuing the statutory notice under Section 13(2) and, on default, exercising measures in Section 13(4) including possession, management takeover, appointment of managers and directing third-party payments; costs and expenses are recoverable from the borrower. Statutory notice, sale notice and confirmation requirements and magistrate assistance under Section 15 and territorial provisions are mandatory; non-compliance can be set aside by the Debt Recovery Tribunal which is empowered to restore assets and award compensation, with appeals to the Appellate Tribunal subject to deposit and limitation rules. Articles Corporate Laws / IBC / SEBI Thu, 15 Jan 2015 07:58:55 +0530 https://www.taxtmi.com/article/detailed?id=6011