Explain the measures provided to the secured creditor for taking possession and selling the secured asset in terms of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security In

Where the possession of any secured asset is required to be taken by the secured creditor or if any of the secured asset is required to be sold or transferred by the secured creditor under the provisions of this Act, the secured creditor may, for the purpose of taking possession or control of any such secured asset, request, in writing, the Chief Metropolitan Magistrate or District Magistrate within whose jurisdiction any such secured asset or other documents relating thereto may be situated or found, to take possession thereto and the Chief Metropolitan Magistrate or, as the case may be, the District Magistrate shall, on such request being made to him - Take possession of such asset and documents relating thereto; and Forward such asset and documents to the secured creditor. Provided that any application by the secured creditor shall be accompanied by an affidavit duly formed by the authorized officer of the secured creditor, declaring that - the aggregate amount of financial assistance granted and the total claim of the bank as on the date of filing the application; the borrower has created security interest over various properties and that the Bank or Financial Institution is holding a valid and subsisting security interest over such properties and the claim of the Bank or Financial Institution is within the limitation period; the borrower has created security interest over various properties giving the details of properties refer to in sub-clause (ii) above; the borrower has committed default in repayment of the financial assistance granted aggregating the specific amount; consequent upon such default in repayment of the financial assistance in the account of the borrower has been classified as a nonperforming asset; affirming that the period of sixty days' notice as at the period of sixty days' notice as required by the provisions of sub-section (2) section 13, demanding payment of the defaulted financial assistance has been served on the borrower; The objection or representation in reply to the notice received from the borrower has been considered by the secured creditor and reasons for non-acceptance of such objection or representation had been communicated to the borrower; The borrower has not made any repayment of the financial assistance in spite of the above notice and the authorized officer is, therefore, entitled to take possession of the secured assets under the provisions of sub-section (4) of section 13 read with section 14 of the principal Act; That the provisions of the Act and the rules made there under had been compiled with.