Section 27
Functions Duties And Powers Of Debt Recovery Officer
(1) If, upon receipt of the Tribunal order, the Debt Recovery Officer finds that the property furnished as security by the borrower or the guarantor cannot satisfy the principal and interest of the debt, and the debt has to be recovered also from other movable and immovable property of its borrower or the guarantor, he/she has to immediately
write to the concerned office to withhold such movable and immovable property.
(2) Upon receipt of the tribunal order, the Debt Recovery Officer has to get the debt recovered as follows, subject to the time limit specified in that order.
(a) To give an order to the borrower to repay in full the principal and interest of the debt repayable by him/her to the bank or financial institution by giving a time limit of Seven days in maximum ,
(b) If the borrower does not repay the principal and interest of such debt within the time limit referred to in Clause (a), to take into possession of movable and immovable property whether or not subject to security finished by the borrower.
(c) If the movable and immovable property subject to security furnished by the borrower does not satisfy the principal and interest of the debt and someone has furnished guarantee, to take into possession of the movable and immovable property belonging to such guarantor,
(d) To auction the movable and immovable properties taken into possession pursuant to Clause (b) or (c).
write to the concerned office to withhold such movable and immovable property.
(2) Upon receipt of the tribunal order, the Debt Recovery Officer has to get the debt recovered as follows, subject to the time limit specified in that order.
(a) To give an order to the borrower to repay in full the principal and interest of the debt repayable by him/her to the bank or financial institution by giving a time limit of Seven days in maximum ,
(b) If the borrower does not repay the principal and interest of such debt within the time limit referred to in Clause (a), to take into possession of movable and immovable property whether or not subject to security finished by the borrower.
(c) If the movable and immovable property subject to security furnished by the borrower does not satisfy the principal and interest of the debt and someone has furnished guarantee, to take into possession of the movable and immovable property belonging to such guarantor,
(d) To auction the movable and immovable properties taken into possession pursuant to Clause (b) or (c).