(1) In the event that the borrower is in possession of the movable immovable property pledged by the person who has mortgaged it or the guarantor is in possession of such movable immovable property, if the possession of such movable immovable property is to be released from him, at least two local persons and the representative of the relevant bank or financial institution shall enter the place where such property is located and enter the loan. The recovery officer will have to take possession and while taking possession in this way, he will have to set up the inventory of the properties taken into possession and collect the debt of the same.
(2) If the property taken into possession according to sub-rule (1) cannot cover the principal and interest amount of the loan and the other movable and immovable property of the debtor has to be removed from his possession, at least two local persons and the representative of the relevant bank or financial institution shall enter the place where such property is located and collect the loan. The officer will have to take possession and while taking possession in this way, he will have to set up an inventory of the movable and immovable properties taken into possession and collect the dues of the same.