Enforcement Agents under SARFAESI Act
The Company specializes in undertaking outsourcing of entire procedure and legal actions as laid down under Chapter III of THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (in short referred to as SARFAESI ACT) and THE SECURITY INTEREST ENFORCEMENT RULES, 2002. The Chapter III of SARFAESI Act deals with the second part of the act i.e. ENFORCEMENT OF SECURITY INTEREST (Sections 13 to 18A of the SERFAESI ACT, which deals with the procedures for issuing demand notices; taking symbolic and physical possession of the secured assets; valuation and sale of secured assets; procedure of sale; and security and management of the secured assets, etc.
Our company is empanelment with ALL THE PSU Banks in India and 6 leading private sector banks, 7 Regional Rural Banks *(Gramin & Co-operative Banks) & 3 Asset Reconstruction Companies (ARC’s), which includes all major banks including Category `A’ empanelment with State Bank of India.
Our operations spread over 22 States across the country i.e. Delhi/ NCR, Punjab, Haryana, Chandigarh, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Rajasthan, Bihar, Jharkhand, West Bengal, Odisha, Maharashtra, Madhya Pradesh, Chhattishgarh, Gujarat, North East, Karnatka, Telangana, Andhra Pradesh, Kerala, Jammu & Kashmir.
List of Client Banks
The Company is engaged in this segment of outsourcing since inception of the SARFAESI Act. The process started with the education of constituent of the customer on the provisions and applicability of SARFAESI Act and identification of cases which could fall under the ambit of this Act.
During the journey of 17 years, the Company’s achievements can be enumerated as under:-
Large Customer base i.e. Empanelled and doing business with ALL leading public sector banks in India; 6 leading private sector bank; 7 Regional Rural Banks *(Gramin & Co-operative Banks) & 3 Asset Reconstruction Companies (ARC’s).
Having Regional offices in all 22 States and 55 Branches.
Regional Offices & Branches (Geographical Coverage Page)
- Well equipped with complete infrastructure i.e. Advocates on Panel, Availability of security guards, large database of prospective investors for the easy sale of secured assets.
- Successfully handled more than 26000 cases and recovered more than Rs. 2100 Crores.
The company has already taken 2750 Physical possessions and 11000 Symbolic Possessions, obtained about 6000 DM/CMM orders and have handled each situation tactfully without affecting the image of the Bank.
Well qualified and experienced staff have completed 100 hours training as laid down by IIBF/RBI