Whether the existing power structure under the delegation of financial powers for initiating legal proceedings before a civil court/DRT would be applicable for exercising rights under the Act ?
Yes. An officer of the rank of SMGS-IV (Chief Manager) and above of the branch or in the admninistrative office as decided by he branch’s controller is entitled to act as an ‘Authorized Officer’ for issuing notice u/s 13(2) and for exercising all other connected functions/rights/actions/powers inter-alia as to taking possession of movable/immovable assets, inventory, panchnama and sale of the secured assets, etc.
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