Enforcement, Recovery and Supporting Agency
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 21 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 38540 cases and recovered more than Rs. 3564.98 Crores.
The company has already taken 4225 Physical possessions and 15659 Symbolic Possessions, obtained about 9844 DM/CMM orders and have handled each situation tactfully without affecting the image of the Bank.
Well qualified and experienced staff and 100+ STAFF already passed 100 hours DRA training as laid down by IIBF/RBI.
Recovery Agency
As recovery agents, we work for a bank or a financial institution, engaged in recovering debts from defaulting customers across different kinds of loans, credit cards, auto loans, mortgages, etc.
We don’t work for banks or loan companies alone, any business or service where customers are required to make payments for goods or services received and fail to do so, in spite of several reminders or notices. For example, hospitals, retail stores, utility companies, etc are all services which use us to collect money on long-overdue payments. Other responsibilities we undertake are:
- Trace customers who’ve moved away from recorded locations, without any forwarding address or trace left behind. This activity is known as “skip-tracing”.
- For customers who are unable to make payments, we are authorized to offer some amount of waivers or easy debt repayment plans.
- Maintaining detailed records of calls/visits made, payments or promises to make payments, new contact details, etc.
Supporting Agency
The company also provides specialized services to banks and other financial institutions to which the SARFAESI Act is applicable. These services could be one or a combination of services as required under the SARFAESI Act. The company is providing these services to Punjab National Bank, which has empanelled our company as ‘Supporting Agency’. The company is also providing such services to all other Banks.
