Article analyse few changes made by of IBC (Amendment) Act, 2019 & discuss whether this amendment leads to a fair and equitable between two different classes of creditors.
The right of the secured creditor to enforce the security interest under the SARFAESI Act does not arise unless the account of the borrower has been classified as an NPA in the books of account of the secured creditor (banks or financial institutions) in accordance with the guidelines issued by the Reserve Bank of India (RBI).
