Introduction
When we discuss about SARFAESI act the respective(a) question asked by our collegue such as 1. What is SARFAESI ACT , 3. Where not applicable? 5. Who is authorized to issue receive? 7. Process of self-command of property ? 2. Where applicable? 4. What is process of issue notice? 6. hear to be issued whom? 8. Procedure of sale to property?
What is SARFAESI act
It is Securitization And Reconstruction of monetary Assets & Enforcement of Security Interest act 2002.It is an act for recovery index number given to the bank. It is applicable in whole India including state of J& K wef21.06.2002 in this act the amendment taken place on 11.11.2004,02/02/07,21/08/07,26/10/07.
Where applicable
NPA accounts only A secured creditor seatister take obstinance of the secured asset and sell the same without recourse to the court If the sale proceed are not adequate the bank fuck file a suit with DRT for the recovery of the dues. Consortium pass ons.In enounce loans by bank at least 75% of the advance should agree to serve the notice and the monetary asset can be sold.
Where not applicable
Lien on any goods A pledge of movables Any conditional sale, hire purchase or lease Any security interet for securing avengement of any financial asset up to 1 lacs Any security nterest creted n agricultural land Any case in which the tally due is less than 20% of the principal amount and stakes thereon
Compiled by: K H GUPTA , CHIEF MANAGER(TRG), SBLC, KANPUR
1
TIMEFRAME
SN 1 2 3 4 5 6 7 8 PROCESS Notice before possession Borrower can submit representation/objection to the in a higher place notice suffice to objection by borrower Borrower can approach DRT against possession notice Maximum time within which DRT has to pass the order for above Appeal to DRAT against decision of DRT Notice before sale to repay the loan Period of balance payment 75% by the buyer of asset TIMEFRAME 60 eld 60 geezerhood 7 Days) 45 Days 4 months 30 Days 30 Days 15...If you want to get a to the full essay, order it on our website: Orderessay
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