SARFAESI - Page 3

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 |

SARFAESI Act Management Of NPA – Part V – Concluding part

Action alone produces the result and credibility does not depend upon what one says but what one does to produce the desired result. After having known the impact of NPA on the performance of the banks and financial institutions, understanding the reasons for the creation of NPA and its symptoms, ...

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Posted Under: Corporate Law |

SARFAESI Act Management Of NPA (Non Performing Assets) – Part IV

In the final analysis a meticulous and methodical study on the impact of NPA accounts on the banking, the reasons for the creation of NPA and to find the ways to prevent accounts becoming NPA and a cure if an account turns out to be an NPA...

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Posted Under: Corporate Law |

SARFAESI Act Management Of NPA (Non Performing Assets) – Part III

As mentioned therein, asset quality of banks is one of the most important indicators of their financial health. However, it has been observed that existing MIS on the early warning systems of asset quality, needed improvement....

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SARFAESI Act Management Of NPA (Non Performing Assets) – Part II

The banks and financial institutions have to approach Debts Recovery Tribunal to recover their dues from the defaulted borrowers either invoking The Recovery of Debts Due to Banks and financial Institutions Act, 1993 or SARFAESI Act of 2002....

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Posted Under: Corporate Law |

SARFAESI Act -Management Of NPA (Non Performing Assets) – Part I

Liquidity of finances and flow of money is essential for any healthy and growth oriented economy. But certainly, what must be kept in mind is that the law should not be in derogation of the rights which are guaranteed to the people under the Constitution. ...

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Posted Under: Corporate Law |

Publishing loan defaulter’s photos in newspapers is illegal

Ujjal Kumar Das & Anr. Vs State Bank of India & Ors. (Calcutta High Court)

Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002...

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RBI guidelines & SARFAESI proceedings?

It is very clear that the Banks should follow RBI guidelines on Asset-Classification before classifying any loan account as ‘Non-performing Asset (NPA)’. There were judgments saying that it is mandatory for the Banks to follow RBI guidelines while classifying an account as ‘Non-Performing Asset (NPA)’ and any deviation in this reg...

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Posted Under: Corporate Law |

SARFAESI Act & sorrows of Borrower?

There is every need for the Government to enable/assist the Banks in reducing their NPAs (Non-performing Assets) and it is beyond doubt that the Banks are now well assisted/equipped through the legal frame-work in recovering their dues....

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Posted Under: Corporate Law |

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