Advocate commissioner can be appointed under the SARFAESI Act. No idea about the SARFAESI. It’s common to appoint advocate commissioner for taking possession of the property. Please suggest.
SARFAESI stands for the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which is a law in India that allows banks and financial institutions to take possession of the assets of borrowers who default on their loans.
As per SARFAESI Act, banks and financial institutions can appoint an advocate commissioner for taking possession of the property. An advocate commissioner is a legal expert who is appointed by the court to oversee the possession and sale of property.
The advocate commissioner plays a crucial role in the process of taking possession of the property. They are responsible for verifying the identity of the property, ensuring that there are no legal disputes over it, and conducting the sale of the property. They also ensure that the sale proceeds are distributed appropriately among the various stakeholders.
If you are a borrower who is facing a situation where an advocate commissioner is being appointed for taking possession of your property under the SARFAESI Act, it is recommended that you seek legal advice immediately. A qualified lawyer can help you understand your rights and guide you through the legal process.
