The Supreme Court recently held that the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security. This act was introduced to balance the asset securities and to help Indian lenders to recover their dues. There are many doubts related to this law. For better understanding read what is SARFAESI Act in this answerWhat is SARFAESI Act 2002This act was launched for asset securities and to help Indian lenders to recover their dues quickly. As per SARFAESI if a borrower fails to make the repayment of the loan taken from their bank. Then in that case the bank gets sweeping powers to recover its dues from the borrower. Once the lender has served the notice of 60 days and still the recovery is not done then the bank can acquire the collateral asset. What is SARFAESI auction?SARFAESI auction is a public sale on the properties recovered from the people who fail to make the repayment of the loan to the lender and later the collateral asset is sold by the lender in the auction to the person who offers to pay the most money.This is a gist of what is SARFAESI act.
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What is sarfaesi act?
Ankit Sharma
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July 13, 2021
2021-07-13T16:56:43+00:00 2021-07-26T11:11:43+00:00Comment
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Banking
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