Definition
Under Section 14 of the SARFAESI Act, a secured creditor may apply to the CMM (in metropolitan areas) or DM (in non-metropolitan areas) to obtain physical possession of a secured asset. The CMM/DM must pass an order within 30 days of the application (extendable to 60 days for recorded reasons).
Related Terms
Secured AssetPossession Notice
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates