Securitization and Financial Restructuring Division
The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, allows banks and Financial institutions to take possession and auction of the secured assets/ properties (residential and commercial) when borrowers fail to repay their loans. It enables bank to reduce its non-performing assets (NPAs) by adopting measures for recovery or asset reconstruction. The SARFAESI Act provides guidelines I rules for enforcement of security interests by a secured creditor without the intervention of a court or tribunal.
Our SAFE division offers consultancy and legal support services to the banks and Financial institutions for successful resolution of Non performing Accounts (NPA).The SAFE division also caters to the requirements of Banks I Financial Institutions in the states of Maharashtra, Gujarat and Goa including metro centres like Mumbai, Pune, Nagpur, Ahmedabad, Delhi and Bangalore locations.
In the last two Fianancial years, the division has handled 625 assignments For Banks I Financial Institutions I Assets Reconstruction Companies and Co-operative Banks.
- Our services include
- Contact us
- Due diligence of borrowers/ guarantors and secured assets
- Taking possession of secured assets of Banks I Financial Institutions as an agent of the Authorized of Officer in accordance with the provisions of SARFAESI Act, 2002
- Arranging public sale of the secured assets as per the models prescribed as per the provisions of the Act and through e-auction, receive sale proceeds, organize issue of the sale certificates by Authorised Officer and complete all the formalities thereto
- Follow-up of cases in Chief Metropolitan I District Magistrate Courts, Debts Recovery Tribunal, Debt Recovery Appellate Tribunal, Small Causes Court and High Court
- Acting as custodian of assets taken over by Banks
- Follow-up with borrowers I guarantors for recovery including one time settlement
- To co-ordinate deployment of security personnel in the secured asset sites where possession has been taken over by Banks I Financial institutions
- To organise sale of secured assets by E-auction through MITCON's portal viz,
MITCON's E-auction portal - www.Bankonlineauction.com
Under this facility Banks/FIs can organise e-auction of secured assets through MITCON's portal for assignments given to MITCON as well as for all other secured assets requiring e-auction.
- Carrying out valuation of secured assets
- Acting as monitoring agency in respect of sick units/ corporate debt restructuring units
- Vetting of one time settlement proposals/ restructuring proposals
- Arranging title search of the secured assets of borrowers I guarantors for clients
- Mr. Sanjeev Phanasgaonkar
Senior Vice President
- B- 1402/1403, Dalamal Towers, 14th Floor,
Free Press Journal Marg, 211 Nariman Point,
MUMBAI - 400 021, Maharashtra, INDIA.
- Tel: +91-22-22828200 (Direct ) / 22828240
- Fax: +91-22-22024553
- Mobile: +91-75060 19919
- Email: firstname.lastname@example.org
- Mr. Vivek Kanaujia
- MITCON Consultancy & Engineering Services Limited
807, Mercantile House, KG Marg
New Delhi - 110 001
- Tel: +91-11-43505238
- Mobile: +91-9911044214
- Rajat Naidu & Amit Naidu
- Block No. 11, 1st Floor Mount,
Annexe Mount Road, Nagpur – 440 001
- Tel: +91-712-6631929
- Fax: +91-22-22024553
- Mobile: +91-9422507009 / 9423400945
- Mr. Ajay Bedmutha
- 1st Floor, Kubera Chambers,
Shivajinagar,Pune – 411 005.
- Mobile: +91-9822345223
- V.P. Pednekar
- Meghna Building, 1st floor,
Teacher's Colony, Tonca, Caranzalem, Goa – 403002.
- Tel: +91-832-2463930
- Mobile: +91-9326124177
- Mohammed Ghouse Shakeel
- Bungalow 47, Chandragiri Colony,
Trimulgherry Secunderabad - 500015
- Tel: +91-40-27748786
- Mobile: +91-8885618863