The SARFAESI Act 2002 At a Glance
Connect with Advocate Vivekanand - LinkedIN , Facebook , Instagram , Whatsapp - 09958173388 Introduction: The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, commonly known as the SARFAESI Act, is a powerful legal instrument that has revolutionized the process of recovery of non-performing assets in India. The Act empowers secured creditors to enforce their security interests without the intervention of the court and provides them with various procedures and remedies for the efficient recovery of defaulted loans. With its unique features such as financial asset securitization, reconstruction of assets, and enforcement of security interests, the SARFAESI Act has become a cornerstone of India's banking and finance sector, helping to safeguard the interests of creditors and promoting financial stability. Elements of the SARFAESI Act: The SARFAESI Act provides for the establishment of special purpose vehicles - a securitisation c...