At the time of execution of powers under the SARFAESI Act, we provide all types of professional services at different stages
a) Preparing the Demand Notice i.e., u/s 13(2), and serving it.
b) Re Serving of Demand Notice which returns undelivered.
c) Preparing and Serving notice of intimation to take possession.
d) Taking possession, inventory and preservation and protection, safe guarding of secured assets.
e) Acting as custodian of assets.
f) Publishing notices in newspapers as per requirement within the mandatory period.
g) Valuation of such secured assets.
h) Obtaining orders from the Chief Metropolitan Magistrate / District Magistrate for peaceful vacant possession of secured asset and / or eviction orders.
i) Sale of secured assets taken in possession by public auction and / or private treaty as a measure of last resort.
To serve Demand Notice issued by the Bank to its borrowers/guarantors individually by personally delivering the same to each of the borrowers/guarantors and getting the copy of the demand notice duly acknowledged.
In case the borrowers/guarantors have vacated/left the place as per the address provided by the Bank, we will utilize our investigation services to locate the whereabouts of such borrowers/guarantors and shall serve the notice at the place of such re-located address to them.
In spite of putting our best efforts, if the borrowers/guarantors are not traceable, with mutual discussion and as per the directions of the Bank we will affix the copy of the Demand Notice on the outer door or some other conspicuous part of the house/building in which the borrower/guarantor normally resides/carries on his business/works for personal gain, draw a ‘Panchnama’ and take photographs of the demand notices affixed and will also get contents of the Demand Notice published in two leading newspapers in a compact from after the draft of such advertisement has been approved by the Bank.
Before taking over the possession of the property/ies we conduct an intensive pre take over inspection of the assets/security for gauging the ground realities. We prepare the detailed report which aids us and the authorized officer to make arrangements and / or take further steps.
Shakthi Associates Financial Services (P) Limited (SAFSL) assists Bank officials at the time of taking possession of the secured asset by providing escort services to protect them and assist them in taking peaceful possession of the secured assets. We provide well- trained and well turned-out security personnel having sufficient expertise to tackle and work under such circumstances including armed security guards/supervisors/officers holding valid licenses for these arms. We arrange police protection force to take forceful physical possession of the secured asset as mandated by the Bank’s Authorized Officer.
Our experiences staff will assist the Bank officials at the time of taking inventory. If required, we can even prepare an inventory of goods and materials lying at the place of secured assets on behalf of the Bank officials while arranging and / or calling in the approved Valuers of the Authorities.
On behalf of Bank we can preserve and protect the secured asset taken into possession. We can get the property insured from the insurance company. If the assets taken in possession are only movable assets, the same can be kept in our ware-house. We even have loading & unloading persons to assist you at the time of taking possession of Secured Movable assets. Where the asset is immovable, the same will be protected by us by deploying security staff at the place of such immovable secured asset. Where the assets are office premises, residential flats and where the need for deploying security staff doesn’t arise, we will keep on checking these properties taken in possession after the same has been sealed by the Bank official/s in our presence and shall submit a report to the Bank on a monthly basis indicating the current status of such property. If any untoward incident has occurred, the same will be immediately informed to the Bank.
We are having Associates who are advertising agents to cater to your needs of getting the contents of different notices published in newspapers as per the mandatory requirement under the SARFAESI Act. Our advertising cell will assist the A.O. / Bank in finalizing the draft of advertisement and suggest the newspapers so as to get the maximum readership/output of the same. This cell has been developed to get maximum publicity at the time of auction of the secured assets.
We can get the asset/s taken into possession valued from an approved Valuer of the Bank. Our representative/s will accompany the Valuer at the time of valuation. However, if the Bank so requires, we can also get the property valued from our own panel of Government Approved Valuer – independently. We have an In-house Valuation team consisting of dedicated & experiences Chartered Engineers, Architects, Regd. Valuers & Surveyors with more than 15years of experience in the valuation profession. We have considerable experience in the field of Home Loans and Projects for construction funding. We also carry out APF / Project Appraisals. Accuracy of work, discretion, a scientific approach and adherence to time schedule are hallmarks of our professional approach.
Where the Borrower/Guarantor/Person in possession is not ready to part with the possession of the secured asset in a peaceful manner, if required, we obtain orders from the concerned chief Metropolitan Magistrate /District Magistrate/Chief judicial magistrate through our legal consultants. After obtaining such orders we follow-up with the same with the Office of the Police Commissioner/Supt. Of police to request him to direct the concerned police station to provide the necessary police force/ police protection for taking peaceful possession of the secured asset/s.
We assist the Bank at the time of sale of such secured assets. We have conducted number of auctions on behalf of Banks /FI’s. We can arrange prospective buyers for such assets through our own sources. This will help the Bank in speedy and easy disposal of the secured asset/s.
We have our Associate Security Agency which provides well trained, well-turned-out security personnel from Ex-Defence/Para-Military/NCC/Home-Guards and are educated Civilians selected from all-over the country and are imparted thorough training in all aspects of Security, First-Aid, fire-fighting, physical drill and even etiquette. They are comparatively educated, moderately well paid and thoroughly trained and screened and apparently have less chance to become inefficient or disloyal. These personnel maintain a constant vigil on all incoming / outgoing men, materials, machines, leakage of water, wastage of electricity etc. A report of the above including attendance will be submitted to you by the Officer-in-charge and our Area Officer will be conducting surprise checks during any time of the day or night. Complete security will be provided at times of Emergency, Labour Unrest, Strike, ‘Hartal’, Disaster, Calamity, etc. along with Body- guards & Gunmen. If the Bank/financial institution want to monitor the assets possessed, we do arrange for the same within 24 hours.
We provide a One Window Service for resolving NPAs / Bad Debt management of Banks / FI’s / ARC’s Through various structures currently available i.e., within the Legal framework of The Recovery of Debts Due to Banks & Financial Institutions (RDDBFI) Act, 1993 and Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest 9SARFAESI) Act, 2002 for effective and speedy resolution of non- performing assets through the various available means and services.
The Company with its appropriate credentials proposes to offer a wide array of services such as Legal Assistance, Restructuring, Enforcement, Valuation, Security, Investigation Services, Sale of Assets, Compromise / One Time Settlements and all other means to help Banks and Financial Institutions and The DRT in resource mobilization to realize the value locked in bad debts and non performing assets (NPAs). It aims to become the most influential service provider in the field of NPA/Bad Debt Management segment.
Our dedicated team takes full control of each account from deciding the course of recovery up to finding out solutions for maximum realization. With our alliance the Financial Institutions can expect immediate Strategic Asset Value Assessment and an immediate development of Remedy Programs. We investigate the personal assets of the borrower and guarantors and start negotiating with them to settle the issue through available means including sale of assets with immediate effect. Our field staff will support in identifying the buyers and get the highest price for the sale of repossessed assets. In case of slow progress in mediations we also initiate simultaneously the process of taking possession of assets under SARFAESI Act. We provide all the necessary support in preparation of inventory, Panchanama and taking possession of assets and safely securing the assets until it is disposed off. If authority is entrusted to us, we will ourselves complete the above job as per guidelines.
Through our associate concern we also offer advice/consultancy in all legal matters and also represent the Bank, Financial Institution and / or client in all Forms, Courts, Tribunals, Authorities. We also arrange to represent the Bankers to receive their share of the dividend from sale of property by moving applications and paecipes in the appropriate Courts under an indemnity clause pending complete adjudication of claims in the matter.
We render the following services under investigation:
• A thorough Surveillance on the movements of the borrowers / defaulters/ guarantors and members of their families and also carry out a proper search and verification based on the information so collected and draw conclusions there from in all cases where there are clean loans/facilities availed and / or in cases where the available/ disclosed assets are insufficient to discharge the full liability of the defaulters/borrowers. • Investigation and Search of Properties which are charged / attached / mortgaged and search for other attachable/hidden assets not offered as specific mortgage and also those properties which are in the names of the defaulters/borrowers/guarantors but not disclosed to the Bank / Financial Institution, such assets will provide better realization /resolution/ ground for proceeding in the Debt Recovery Tribunal (DRT) and / or for a compromise / One Time Settlement.
• Ascertaining the net worth of borrowers and/ or guarantors and their Legal Heirs based on the present valuations.
• Conducting Search in ROC records, Income Tax Records & Property Records in all wards.
In order to gauge the credit worthiness about any individual or any Employee / Associate / Director / Guarantor / Partner of the Firm / Company, we conduct detailed investigation and collect information regarding their present activities and other relevant facts. This helps in verification of the reputation of the individual or the Organization, their credibility and other significant aspects. We operate on a Pan India basis and all expenses for travel, stay both lodging and boarding will be billed at actuals. Please note in case of requirement we will also be able to arrange for enquiries abroad through our Associates which will be cost-effective and will be negotiated on a case to case basis prior to take-up. We are associated with investigation experts like retired senior police officers and detectives on case to case basis with whom we have an arrangement for outsourcing this work. We are inspired to make optimum utilization of our potential adopting all legal processes and maintaining complete secrecy, ethics and morals while creating our reports and testimonials so that our clients can rely on them. Our personalized investigation services are looked upon with great appreciation by our clients due to following aspects:
• Honest and analytical approach
• Highest standards of ethics, moral and integrity.
• Timely delivery parameters
• Confidential and excellent service
• Integral bonding with our clients.
• Complete customer satisfaction.
We are also engaged in providing Financial Consultancy Services and specialize in:
• Project Finance and / or Working Capital facilities for restructuring operations
• Advisory services for restructuring, rehabilitation, rescheduling of debts
• Advisory role in negotiating with Banks and / or Financial Institutions for One time settlement
• Preparation of Project Reports/Appraisal/Viability studies/Enterprise valuations
• Monitoring of Borrowal Accounts, Investigation Services
The Company is active in the field of Project Finance and advises corporate houses and Investment Bankers on debt and equity offerings. Infrastructure project finance requires involvement of multidisciplinary teams. We have been engaged in projects in diverse industries such as power (including independent power projects, co-generation and hydro), power transmission and distribution, telecommunications and space (including cellular, cable, mobile, direct broadcast, broadband and satellite imaging systems) and transportation (including airports, metro, rail and roads). Our experience includes asset disposition, restructuring, negotiating credit agreements and credit enhancement agreements and political risk mitigation techniques. In order to support this we regularly draw upon our legal professionals with expertise in supporting fields such as M&A, securitization and international trade. We also work with clients on consortia and contract structures, funding options and strategy, review tender documentation, review tender documentation, risk allocation, manage the due diligence process and provide negotiation assistance. We also advice on Security/Securities offerings.
© Copyright 2020. Shakthi Associates Financial Services (P) Ltd.