symbolic possession or actual physical possession, though the property may be put to auction/sale and in both the situations and possession ... actual physical possession has not been taken. However, Aum Jewels (supra) does not draw distinction between the actual physical possession and symbolic possession
symbolic possession of the property. He submitted that once an action of taking possession whether symbolic or physical, is taken, the right ... losing possession of the secured assets and losing possession does not mean physical possession but it also means losing symbolic possession
concept. It is not an absolute
concept. The dichotomy between symbolic and physical possession does not
find place in the Act. As stated above ... of any secured asset. There is no
distinction between symbolic and physical possession either under
Section 13(4) or under Section
would stand concluded only when actual/physical
possession is taken or the borrower loses
actual/physical possession. It is at this stage alone ... take only symbolic possession, to
state that the secured creditor has taken
symbolic/constructive possession and not physical
possession, but that
applying to court for delivery of
possession of property-Whether entitled to actual physical
possession or symbolic possession.
HEADNOTE:
Order XXI Rules ... possession with the direction that
vacant physical possession of the entire property
be delivered to the applicant, be issued and
vacant physical possession
possession. Thereafter auction purchaser applies to the court for taking possession. If there is a tenant, the auction purchaser takes symbolic possession ... they are in consistent with it.
(n) The dichotomy between symbolic and physical possession does not find place in the NPA Act .
(o) Rule
concept. It is not an
absolute concept. The dichotomy between symbolic and physical
possession does not find place in the Act. As stated above ... of any secured asset. There is no distinction
between symbolic and physical possession either under Section 13(4) or
under Section
take possession, it approaches the Chief Metropolitan Magistrate or District Magistrate under Section 14 of the SARFAESI Act for assistance to take possession ... that under the SARFAESI Act there is no dichotomy between symbolic possession and physical possession.
10.5. He would compare the power
term possession was interpreted by the Supreme Court and symbolic possession will also be recognized and it amounts to physical possession ... that possession means actual physical possession. The vesting under Section 11(3) is one thing and taking over actual physical possession under
physical possession of the
properties is concerned, the Bombay High Court while passing the interim
order has directed to hand over the physical possession ... concept. It is not an absolute concept.
The dichotomy between symbolic and physical possession does not find
place in the Act. As stated above
