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Rule 8 of the Security Interest (Enforcement) Rules, 2002 says where the secured assets is an immovable property, the authorised officer shall take possession by delivering a possession notice to borrower and by affixing the same on the outer door or at such conspicuous place of property. The same has to be published in newspapers also.
The format is as under. As per the rule the notice may be as far as possible in the prescribed format:-
THE FORMAT
Whereas
The undersigned being the Authorised Officer of the ............(name of the institution) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and in exercise of powers conferred under Section 13(12) read with rule 3 of the Security Interest(Enforcement)Rules, 2002 issued demand notice dated...............calling upon the borrower Sri.......M/s.........to repay the amount mentioned in the notice being Rs..........(in words within bracket) within 60 days of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred on him/her under Section 13(4) of the said Act read with rule 9 of the said rule on this.................day of ..............of the year...................
The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of the ............ (Name of the institution) for an amount of Rs..........and interest thereon.
Description of Immovable Property
(Describe the total property)
All that part and parcel of the property consisting of Flat No...../Plot No...........in survey No........./city or town survey no..................within the registration sub-district.........and district..............
Bounded
On the North by......
On the South by........
On the East by.........
On the West by........
Date                                                  Authorised officer
Place                                             (Name of the Institution)

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