(1) After the debt recovery officer receives the order of the tribunal, if the movable immovable property mortgaged by the debtor or the guarantor cannot cover the principal and interest amount of the loan, and the debt recovery officer has to recover from the other movable immovable property of the debtor or the guarantor, the movable immovable property shall be withheld immediately to the relevant office. Should be sent in writing.
(2) After receiving the order of the tribunal, the debt recovery officer shall, subject to the deadline specified in the order, collect the debt as follows:-
(a) Ordering the borrower to pay the entire amount of loan or interest due to the bank or financial institution by giving a maximum period of seven days,
(b) If the debtor fails to pay the amount of such loan or interest amount within the period as per Clause (a), seizing the movable and immovable property, whether mortgaged or not, by the debtor,
(c) Seizing the movable immovable property of the person giving such surety when the debtor has not secured the mortgage or the mortgaged movable immovable property is unable to pay the loan or interest amount,
(d) to sell by auction the movable and immovable property seized in accordance with clause (b) or (c);