SECTION 14 SARFAESI APPLICATION FOR PHYSICAL POSSESSION FORMAT

( SECTION 14 SARFAESI APPLICATION FOR PHYSICAL POSSESSION FORMAT )

IN THE COURT OF CHIEF METROPOLITAN MAGISTRATE, XXXX

SARFAESI APPLICATION NO XX/XXXX

XYZ Bank                                          …………………..APPLICANT

Vs

MR. X                                               ……………………RESPONDENT

APPLICATION UNDER SECTION 14 SARFAESI ACT FOR PHYSICAL POSSESSSION OF THE SECURED ASSET

MOST HUMBLY SHWOETH :

1. That the Applicant Bank has sanctioned home loan of Rs. xxxx which was repayable in xxx EMIs.

2. That the Respondent mortgaged the residential property bearing no. xxx against the said home loan as security.

3.That the Respondent failed to maintain financial discipline and defaulted in repayment of loan amount and as such the loan was declared NPA on xx/xx/xxxx.

4.That the Applicant issued notice under Section 13 (2) of SARFAESI Act on xx/xxxx seeking repayment of outstanding dues within 60 days.

5. That the Applicant failed to pay the outstanding the outstanding dues within 60 days as such the Applicant Bank took the symbolic possession under Section 13 (4) of SARFAESI Act and published the same in leading newspapers ie. Times of India and Navbharat Times.

6.That the Respondent has not handed over physical possession at yet as such the Applicant Bank is constrained to take assistance of this Hon’ble Court to take physical possession of the secured assets under Section 14 SARFAESI Act.

7.That the Applicant Bank has complied with all the requirements under Section 13 (2), 13 (4), Security Interest ( Enforcement)  Rules , 2002 as certified in supporting affidavit.

PRAYER

In light of aforesaid facts and circumstances, it is most respectfully prayed that this Hon’ble Court may be pleased to :

(i) Authorize and direct the SHO, XXX to take physical possession of secured property bearing No. xxxx and handover the same to the Applicant Bank.

(ii) Pass such other order (s) and direction (s) as this Hon’ble Court may deem fit and proper in the facts and circumstances of the case.

APPLICANT

THROUGH

ADVOCATE

PLACE

DATE

Note: This Application has been supported by an affidavit.

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