Section 28
Procedure Relating To Debt Recovery
(1) In cases where the movable and immovable property furnished as security by the borrower or as guarantee by the
guarantor is being possessed and enjoyed by him/her , and possession of such movable and immovable property has to be detached from him/her, the Debt Recovery Officer has to enter the place where such property is located in presence of at least two local people and representative of the concerned bank or financial institution, and in so taking possession an inventory of the movable and immovable properties so possessed has to be prepared and a deed has to be executed to that effected.
(2) If the property taken into possession does not satisfy the principal and interest of the debt and other movable and immovable property of the borrower has to be detached from his/her possession, the Debt Recovery Officer has to
enter the place where such property is located, in presence of at least two local people and representative of the concerned bank or financial institution and take the property in his/her possession, and in so taking possession, an inventory of the movable and immovable property so possessed has to be prepared and a deed has
to be executed to that effect.