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SARFAESI ACT 2002
Bank auctioned pledged land after borrower defaulted but buyer took 2 years to pay 75% money; borrower cleared the dues, fought and won the case in SC to get his land backThe Supreme Court agreed with the Madras High Court's call to cancel the auction of Mr. Rama's family property. The bank was trying to sell...- Banks take backseat: Bombay High Court upholds PMLA supremacy in asset recoveryBanks in India face a significant ruling from the Bombay High Court. The court declared that anti-money laundering laws take precedence ove...
- Missed home loan EMIs? Law gives you 105 days before bank can start auction of your houseHomeowners get a 105-day window before banks can auction their property for missed EMIs. This period follows the SARFAESI Act and RBI rules...
- Sebi permits all NBFCs, HFCs to invest in security receipts by Asset Reconstruction CosMarkets regulator Sebi has allowed all non-banking financial companies (NBFC), including housing finance companies, to invest in security r...
- Banks may get power to auction ships in case of loan defaultsThe government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing speci...
- Govt contemplating changes in SARFAESI, DRT laws; to provide legal sanctity to e-noticesThe Finance Ministry has set up a panel to propose amendments to the SARFAESI and DRT Acts, aiming to expedite debt recovery. E-notices wer...
- Delhi HC sets aside arbitrator order against Indiabulls in Shipra Mall dispute"Since a specific right is vested in a secured creditor to enforce a security interest, by issuance of a sale notice under Section 13 of th...
- Country's economy is booming after second COVID wave, that's what we have read: Supreme CourtAdvocate Vishal Tiwari, appearing in a batch of petitions said that despite the top court's order of September 3, 2020 that the accounts wh...
- Govt lowers loan limit for debt recovery for NBFCs with Rs 100cr asset sizeSitharaman, while presenting the budget for 2021-22, said it will bring in credit discipline and also protect the interest of small borrowe...
- Co-Op banks come under Sarfaesi Act: Supreme CourtThe Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, allow banks and financ...
- Not many NBFCs may use Sarfaesi Act to recover loanMany NBFCs were unable to dispose of immovable property of defaulter borrowers fast enough even after filing the case under Sarfaesi and re...
- NCLT foils bid by company to stall loan recoveryThe company, which owes about Rs 41 crore to its creditors, had voluntarily filed for insolvency.
- Sarfaesi provisions can help resolve NPAs of NBFCs faster: Icra"If credit costs were to come down, there could be some moderation in lending rates by NBFCs, which would benefit borrowers, going forward,...
- Bombay High Court quashes sale of Park Hyatt in Goa to ITCEarlier, Kolkata-based tobacco to hotel conglomerate emerged as the highest bidder of the property in February last year with an offer of R...
- Can Jammu and Kashmir residents not repay loans: SBISBI raised a critical question concerning the future of banking in J&K before the SC whether residents of the state could decline to repay ...
- 'Move to bring NBFCs in Sarfaesi Act for recovery beneficial'Currently, NBFCs can only approach the civil courts to recover loans from the borrowers, which usually use to take longer time.
- Narendra Modi government to set up six Debt Recovery TribunalsThe Cabinet has cleared setting up DRTs in Chandigarh, Bengaluru, Ernakulam, Dehradun, Siliguri and Hyderabad, an official statement said.
- Asset reconstruction companies need to get back in shapeWhat can be done to remedy the situation? ARCs must capitalise themselves adequately and raise resources to acquire assets from banks for f...
- Government approves changes in two banking laws for banks to recover dues and deal with non-performing loansThe bill will amend the SARFAESI Act and RDBF Act so as to strengthen the regulatory and institutional framework related to recovery of deb...
- Govt clears changes in laws to deal with bad loansAccording to DFS Secretary D K Mittal, 4sections of the RDBF Act, 1993, and 6 sections of the SARFAESI Act, 2002, will be amended.
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