Symbolic Possession 13(4) under SARFAESI Act 2002
At Kaizen and Shield, we offer expert services for Symbolic Possession under Section 13(4) of the SARFAESI Act 2002, designed to help financial institutions take possession of defaulted assets efficiently and in full legal compliance. This critical stage of the SARFAESI enforcement process allows banks and lenders to assert their rights over collateral assets, either physically or symbolically, to secure the recovery process. We ensure that this step is executed with precision, professionalism, and the utmost respect for legal requirements.
"Efficient and Compliant Symbolic Possession Services for NPA Resolution"
What We Solve
Symbolic Possession service addresses the need for secure, legal, and transparent possession of collateral assets in cases of NPA accounts. This service helps financial institutions take the necessary steps towards asset recovery, enabling them to move forward with the SARFAESI enforcement process in a timely and compliant manner.
The Symbolic Possession process typically involves:
- Resolution of NPA Accounts: Ensuring quick action to safeguard the financial institution’s interest by securing the asset.
- Possession of Collateral Assets: Taking either symbolic or physical possession of the collateral asset to protect the lender's rights and facilitate the recovery process.
Key Features of Symbolic Possession 13(4) Services
- PAN-India Geographic Reach: Our service is available nationwide, ensuring consistent SARFAESI compliance across all regions.
- In-Depth Process Knowledge: We are highly skilled in the procedural aspects of Section 13(4) of the SARFAESI Act, ensuring accurate execution and full legal compliance.
- Skilled Team of Professionals and Advocates: Our team, including legal experts and recovery agents, specializes in SARFAESI enforcement and is equipped to handle symbolic possession efficiently.
- Liaison with Government Agencies: Our strong relationships with government bodies help expedite the legal processes involved in asset possession.
- Quick Response to Inquiries: We pride ourselves on prompt communication, ensuring timely resolution of any queries from clients.
- Proprietary CRM System: Our proprietary CRM system ensures real-time updates to clients on the progress of the possession process.
- Peaceful Physical Possession Attempts: We attempt a peaceful physical possession of the property under the supervision of an authorized officer, ensuring all actions are recorded accurately.
- Full Documentation: The process includes the pasting of the 13(4) notice, videography and photography of the action, preparation of Panchnama, and a detailed inventory list in the presence of two local witnesses.
How Our Symbolic Possession 13(4) Services Benefit You
By choosing Kaizen and Shield for Symbolic Possession, you can expect:
- Early Resolution of NPA Accounts: Our swift execution of Section 13(4) processes ensures timely resolution of NPA accounts, reducing the impact on your financial portfolio.
- 100% Compliance: Every step of the symbolic possession process is conducted in strict adherence to the SARFAESI Act, ensuring full legal protection.
- Seamless Transition to Next Stage of SARFAESI Enforcement: Once symbolic possession is achieved, the asset is primed for the next stage of SARFAESI enforcement, facilitating faster recovery.
- Peaceful Asset Possession: We strive for a peaceful possession of the collateral, avoiding confrontation and ensuring minimal disruption to all parties involved.
- Transparency and Documentation: Our comprehensive documentation - complete with videography, photography, and Panchnama preparation - ensures that every action is legally supported and transparent.
Why Choose Kaizen and Shield for Symbolic Possession 13(4) Services?
Unlike other service providers, Kaizen and Shield stands out because:
- Skilled Resources: Our team of trained professionals ensures precision in every stage of the symbolic possession process, from legal compliance to asset handling.
- Technology-Driven Approach: With the use of our proprietary CRM system, clients receive real-time updates and insights on the progress of the possession process, ensuring transparency and control.
- Industry-Leading Turnaround Time (TAT): We prioritize quick action, providing the best TAT in the industry and ensuring faster recovery of assets.
- Proven Expertise: With over a decade of experience in SARFAESI enforcement, we bring unparalleled expertise and a proven track record to every assignment.
Symbolic Possession 13(4) under the SARFAESI Act 2002 is a crucial step in the recovery of defaulted loans and securing collateral assets. At Kaizen and Shield, we manage this process with efficiency, legal compliance, and the expertise needed to protect your interests and ensure seamless progression to the next stage of enforcement. Trust us to handle the complexities of SARFAESI enforcement and deliver results with professionalism and integrity.
