Assistance to take possession of secured assets from the Chief Metropolitan Magistrate or the District Magistrate under (SARFAESI) Act, 2002.

Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 provides for assistance for taking possession of secured asset from the Chief Metropolitan Magistrate or the District Magistrate. In simple terminology, the essence and meaning of Section 14 of the Act is that a secured creditor may seek the help and assistance of the Chief Metropolitan Magistrate or the District Magistrate for the purpose of taking over of the possession of the secured asset or property instead of resorting to recovery of the asset by means of self-help. 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 to the Chief Metropolitan Magistrate or the District Magistrate, within whose jurisdiction any such secured asset or other documents relating thereto, may be situated or found, to take possession thereof, 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. An application by the secured creditor shall be accompanied by an affidavit duly affirmed by the authorised officer of the secured creditor. On receipt of the affidavit from the Authorised Officer, the District Magistrate or the Chief Metropolitan Magistrate, as the case may be, shall satisfy the comments of the affidavit and pass suitable orders for the purpose of taking possession of the secured assets.