SARFAESI Act definition
Examples of SARFAESI Act in a sentence
Sir / Madam,Sub :: Sale of Secured Asset by M/s Cholamandalam Investment and Finance Company Limited under SARFAESI Act, 2002.
The AO has also got the assets valued after taking possession as required under the SARFAESI Act.
Sir / Madam, Sub :: Sale of Secured Asset by M/s Cholamandalam Investment and Finance Company Limited under SARFAESI Act, 2002.
The AO published the Possession Notice in the newspapers as required under the SARFAESI Act.
Sir / Madam, Sub ::Sale of Secured Asset by M/s Cholamandalam Investment and Finance Company Limited under SARFAESI Act, 2002.
Although the enactment of the SARFAESI Act has strengthened the rights of creditors by allowing expedited enforcement of security in an event of default, there is still no assurance that we will be able to realize the full value of our collateral, due to, among other things, delays on our part in taking action to secure the property, delays in bankruptcy foreclosure proceedings, stock market downturns, defects in the perfection of collateral and fraudulent transfers by borrowers.
Following the introduction of the SARFAESI Act and the subsequent extension of its application to HFCs, we are allowed to foreclose on secured property after 60 days’ notice to a borrower, whose loan has been classified as non-performing.
The Bank shall be entitled to refer the dispute to the Debts Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and shall also be entitled to enforce the Security under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) with amendment made in year 2016, where applicable.
Yes If yes, please indicate whether the changes reflect a correction (specify when the relevant provision was put into place) or a reform (specify the date of entry into effect) and explain.Reform Comments:The SARFAESI Act, 2002 has been amended vide The Enforcement of Security Interest Act and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 which was notified on 16 August 2016 and the reforms listed in Section1 : Reform Update were undertaken with this amendment.
The recovery process of enforcement of mortgage/securities, including but not limited to, taking possession and sale of the mortgaged property in accordance with the procedure prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) or under any other law, is followed purely as per the directions laid down under the respective law.