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If the borrower pays within 60 days no further action is required.
However if he fails to pay full amount within specified period the
secured creditor can take one or more of the following measures
to recover his dues.
Take possession of the secured assets of the borrower including
the right to transfer by way of lease, assignment or sale for
realising the secured asset
Takeover the management of secured asset of the borrower including
the right to transfer by way of lease, assignment or sale and
realise the secured asset.
Appoint any person as manager to manage the secured assets
the possession of which has been taken over by the secured creditor.
Require at any time by notice in writing, any person who has
acquired any of the secured assets from the borrower and from
whom any money is due or may become due to the borrower, to
pay the secured creditor, so much of the money as is sufficient
to pay the secured debt.
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