SARFAESI - Page 5

SARFAESI – Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

Notification No. DNBS.2/CGM(CSM)-2003 30/06/2011

The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Securitisation Company or Reconstruction Company from being conducted in a manner detrim...

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SARFAESI – Notification on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank)

CIRCULAR NO. DNBS (PD) CC. NO. 27/SCRC/26.03.001/2011-2012 30/06/2011

In view of announcement in the Monetary Policy Statement, the Reserve Bank of India hereby notifies these guidelines, framed under section 9(a) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) to provide for the proper management of the business of the borrower to e...

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Limitation to proceed U/s. 13 (2) & 13 (4) of SARFAESI Act, 2002?

Despite the clear objective behind enacting SARFAESI Act, 2002, while implementing the provisions of the Act, many complications have arisen and the Hon’ble Courts have cleared some complications making a good balance between the interests of the borrowers and the objective of Act to reduce the alarming levels of Non-performing Assets (...

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Posted Under: Fema / RBI |

Civil Court's jurisdiction in respect of SARFAESI proceedings?

The object of SARFAESI Act, 2002 is to enable the Banks to recover their dues without resorting to Civil Court for obtaining decree and consequential execution in accordance with the provisions of Civil Procedure Code. It is known fact that a proceeding initiated in a Civil Court can be prolonged unreasonably and everybody is aware of the...

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Posted Under: Fema / RBI |

NPA due to Bank’s mistake – remedies available to the Borrower – SARFAESI Act – a Case Study

There can be variety of credit facilities. In the course of adhering to the terms and conditions; like borrowers, the Banks too can commit mistakes and there can not be any doubt in this regard. Looking at the provisions of the SARFAESI Act, 2002, the rules, the practice and few precedents; borrowers and also professionals alike are doubt...

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Posted Under: Fema / RBI |

Cause of Action to Appeal to DRT continues at various stages under SARFAESI Act, 2002?

It is felt that enormous powers are conferred on Banks or Public Financial Institutions under SARFAESI Act, 2002 from the stage of determination of outstanding due, entertaining objections, taking possession of the property and selling the property through private treaty at times and in public auctions very often. The borrower too has got...

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Posted Under: Fema / RBI |

Collusion between Bank Officials and Builders – SARFAESI Act – a Case Study

I strongly believe that implementing the provisions of the SARFAESI Act, 2002 making a good balance between the object and the interests of the borrower is a very complicated exercise. There are so many judgments on the provisions of the SARFAESI Act, 2002 and still certain areas remain complicated. I would like to share a typical case pr...

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Posted Under: Fema / RBI |

Can a borrower dispute the outstanding due under section 17 of SARFAESI Act, 2002?

We all aware of the object behind SARFAESI Act, 2002 and it is to enable the banks to recover the debts speedily and to enable the banks to reduce NPAs. Despite lot of criticism that SARFAESI Act, 2002 is draconian law and it enables the Banks to harass the borrowers, Banks suffer to recover their dues in the absence of a special legisla...

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Posted Under: Fema / RBI |

SARFAESI ACT, 2002 and various complicated issues?

We all know the object of SARFAESI Act, 2002 and it is to assist the Banks in realization of their debt through proceeding against the “Secured Asset”. There are people and professionals supporting SARFAESI Act, 2002 on the ground that in the absence...

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Posted Under: Fema / RBI |

To recover loans bank showing defaulting customers fear of reporting their name to the Credit Information Bureau

To recover dues, bankers are trying to put the fear of God into obstinate defaulters to pay up. And how? By making it plain that they could get reported to the Credit Information Bureau, bankers have been able to achieve a modicum of success in recov...

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Posted Under: Fema / RBI |

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