The Company will make a re-possession clause in the contract/loan agreement with the borrower that would be legally enforceable. To ensure transparency, the terms and conditions of the contract/loan agreement will include provision regarding:

  • 1. Notice period before taking possession.
  • 2. Circumstances under which the notice period can be waived; The procedure for taking possession of the security.
  • 3. A provision regarding final chance to be given to the borrower for repayment of loan before the sale /auction of the asset.
  • 4. The procedure for giving repossession to the borrower and.
  • 5. The procedure for sale / auction of the property.

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