Corporate Law : SARFAESI Act of 2002 addresses India's non-performing assets. Section 13 empowers secured creditors to enforce security interests ...
Goods and Services Tax : Explore the Madras High Court ruling on allowing Input Tax Credit without physical invoices, emphasizing electronic records for GS...
Fema / RBI : Get answers to common queries about displaying secured assets under SARFAESI Act 2002. Learn about asset disclosure, updates, and ...
Corporate Law : Read how Bombay High Court's recent judgment issued crucial directives for swift processing of creditors' applications under SARFA...
Corporate Law : Article examining the two approaches Financial Institutions in India use for vehicle seizure: traditional vs. SARFAESI methods. Ex...
Finance : There is no mention of the term re-sealing of property in SARFAESI Act, 2022 and the Recovery of Debts and Bankruptcy (RDB) Act, 1...
Corporate Law : The Central Govt has initiated formulation of laws to secure prudential banking & help effect a culture of credit discipline i...
Fema / RBI : The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore...
Fema / RBI : It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously unde...
Corporate Law : The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill,...
Corporate Law : Legal analysis of SARFAESI Act: Exemption from stamp duty for documents favoring asset reconstruction. Case: Assets Care Vs Ankit ...
Corporate Law : Kerala High Court rules that a secured creditor cannot proceed under SARFAESI Act if a civil suit for recovery has been dismissed ...
Corporate Law : Kerala High Court intervenes in coercive recovery proceedings against petitioners for financial advance default, granting time for...
Corporate Law : In Govind Kumar Sharma & Anr Vs Bank of Baroda case, Supreme Court sets aside auction sale under SARFAESI Act due to procedural la...
Goods and Services Tax : Bombay High Court held that MVAT Authorities would not have priority in the recourse to the assets that are secured in favour of t...
Fema / RBI : Reserve Bank of India (RBI) has issued Circular RBI/2023-24/63 on September 25, 2023, addressing the display of information relate...
Finance : Central Government hereby specifies such housing financial companies registered under sub-section (5) of section 29A of the Nation...
Corporate Law : Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) ...
Fema / RBI : Sale notice for sale of movable properties- E-Auction Sale Notice for Sale of Movable Assets under the Securitisation and Reconstr...
Corporate Law : Central Government hereby makes the following amendments in the notification of the Government of India, in the Ministry of Financ...
This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal, Allahabad
This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal
The SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, was enacted by the Parliament to regulate securitization and reconstruction of financial assets. Further, it also provides enforcement rights to the financial institutions in respect of security interest created on Financial Assets.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law .It allows banks and other financial institution to auction residential or commercial properties to recover loans.
Sub section (3) of section 14 of SARFAESI Act stipulates that in case the secured creditor or it authorised officer do not act in accordance with the provisions of subsection (4) of section 13 and the rules made thereunder, then such action of the secured creditor taken as per sub-section (4) of section 13 can be made invalid by Debts Recovery Tribunal and pass such order as it may consider appropriate
Fundamental justice is a legal term that signifies a dynamic concept of fairness underlying the administration of justice and its operation, whereas principles of fundamental justice are specific legal principles that command ‘significant societal consensus’ as ‘fundamental to the way in which the legal system ought fairly to operate.’
In this write-up we have analysed the amendments proposed vide The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 which are specific to the SARFAESI Act, 2002 and their impact:
1. In how many cases the SARFAESI Act has been invoked against big companies in India? 2. Now, RBI deputy Governor has stated on 17th November, 2013 that in the last 13 years, banks have written off 1 lakh crore and 95% of these are large loans. How can this happen with SARFAESI in place?
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) was enacted by Government of India to enable banks and financial institutions to realise long-term assets, manage problems of liquidity, asset liability mismatches and improve by exercising powers to take possession of securities, sell them and reduce non-performing assets by adopting measures for recovery or reconstruction.
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were enacted by the Government to be exclusively used for the recovery of debts of Banks and Financial Institutions.
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