SARFAESI articles

Overview of SARFAESI Act 2002 & Note on process of Enforcement of Security Interest under Section 13

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)....

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Posted Under: Corporate Law |

Recovery of debts due to Banks & Financial institutions Act, 1993- Important facts

We are fifth largest developing economy in the world and just left behind UK and France few days back. We are second largest country in the world in case of population. We have largest young skilled workforce in the world. For sustainable development of a country a sound and perfect, protected system of banking is […]...

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Posted Under: Corporate Law |

Procedure For Filing Application by Financial Creditor under IBC

MEANING OF  FINANCIAL CREDITOR Financial Creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to.  HOW  THE FINANCIAL CREDITOR FILE APPLICATION TO NATIONAL COMPANY LAW TRIBUNAL (NCLT)? The process for filing application by a financial creditor is def...

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Posted Under: Corporate Law |

Management of NPA: Who is Responsible for Account Becoming NPA?

Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Developmen...

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Posted Under: Corporate Law |

Whether Provision of SARFAESI Act applicable to Jammu & Kashmir State?

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 Financia...

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Posted Under: Corporate Law |

Highlights of SARFAESI Act, 2002

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....

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SARFAESI Act: Section 17(1) – An Efficacious Alternative

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 Rec...

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Posted Under: Corporate Law |

Punishment for fraudulently inducing persons to invest money

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?...

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Posted Under: Corporate Law |

SARFAESI Act, 2002- Legal Position Of Authorised Officer

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 s...

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Posted Under: Corporate Law |

SARFAESI ACT – What is legally recoverable debt?

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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Posted Under: Corporate Law |

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