SARFAESI Section 14 application checklist (CMM / DM)

Use this when you need the Magistrate's assistance to take physical possession of the secured asset.

Key time limits

Magistrate's order (Section 14, proviso)	Within 30 days of the application, extendable to 60 days in total for recorded reasons

The right forum: Chief Metropolitan Magistrate in a metropolitan area, otherwise the District Magistrate where the property is.
13(2) notice, proof of service, objection replies and the 13(4) possession notice with publications are ready.
The application is filed by the authorised officer, with proof of appointment.

The aggregate amount of financial assistance and the total claim as on the date of filing.
That the borrower has created a security interest over the assets, with the documents.
That the borrower has created a security interest over other assets, if any.
That the borrower has defaulted and the account is classified as NPA.
That the 13(2) notice was served and the borrower failed to pay within 60 days.
That the objection or representation was considered and reasons communicated.
That the borrower has not paid despite the notice and the creditor is entitled to possession.
That the provisions of the Act and Rules have been complied with.
Each declaration is backed by an annexed document, and the affidavit is properly sworn.

The order is served and the date of possession fixed with the officer appointed.
Police assistance, locksmith, photographer and witnesses are arranged.
A panchnama and inventory are prepared at the time of possession.

Sources: SARFAESI Act, 2002: Section 14 and its provisos. A practice aid, not legal advice: check the current law and the facts of each case.