Blue Dolphin Limited (Corporate Debtor) is under Liquidation as per the provisions of Insolvency and Bankruptcy Code, 2016. The Corporate Debtor has only one secured creditor namely in BQ Bank. In one of the meetings of

Blue Dolphin Limited (Corporate Debtor) is under Liquidation as per the provisions of Insolvency and Bankruptcy Code, 2016. The Corporate Debtor has only one secured creditor namely in BQ Bank. In one of the meetings of Stakeholders Consultation Committee, the Liquidator of the Corporate Debtor informed the BQ Bank that the secured properties of the Corporate Debtor may not be sufficient to satisfy the amount of loan lent to the Blue Dolphin Limited. In view of the above situation, BQ Bank, at its internal meeting, discussed and decided to recover the balance amount through exercising the provisions of SARFEASI Act, 2002 on movable, secured assets of the Corporate Guarantors who were additionally secured to the BQ Bank by the Corporate Debtor. Black Dolphin Private Limited has given its movable property in its Unit 'A' as additional security for credit facilities available by Corporate Debtor. The BQ Bank has entrusted the job of recovery through movable properties of Black Dolphin Private Limited to Ishan, a newly appointed Recovery Officer. Ishan being your close friend has approached you to clarify his doubts on enforcement of security interest as per the SARFAESI Act, 2002 and the Rules made thereunder. Ishan has put forth following queries to clarify his doubts on the provisions of SARFAESI Act and Rules made thereunder: What procedures are to be followed for the possession of movable property of the Guarantor/Borrower?