SARFAESI News

Opinion | What ails the Indian banking sector?

Opinion | What ails the Indian banking sector?

The past two years or so have seen rapidly increasing stress in the Indian banking sector, with non-performing assets (NPAs) steadily climbing from under 3% to over 13% of total assets. Loan-loss .... Something similar used to happen earlier with ...and more »

Doubling limit for filing DRT cases will expedite bad loan recovery: Finance ministry

Doubling limit for filing DRT cases will expedite bad loan recovery: Finance ministry

Banks and financial institutions' recovery of dues takes place on an ongoing basis through legal mechanisms, which inter-alia includes Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, Recovery ...

35-A : Already Eroded !!!!

35-A : Already Eroded !!!!

The Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI Act 2002) was enacted by Indian Parliament in year 2002. Because of article 370 this law was not applicable to J&K for many years. SARFAESI ...

Forget Lehman Brothers, India is still in a financial crisis

Forget Lehman Brothers, India is still in a financial crisis

Rajan also highlights how numerous Indian promoters have systematically undermined the debt recovery process, whether under the earlier process of debt recovery tribunals or the Sarfaesi Act. Unfortunately, the same malaise seems to have infected even ...and more »

State Bank of India approaches Madras HC; seeks quashing of ED proceedings attaching property of Kanishk Gold

State Bank of India approaches Madras HC; seeks quashing of ED proceedings attaching property of Kanishk Gold

Chennai: The State Bank of India (SBI) has approached the Madras High Court in the Rs 820 crore debt recovery proceedings against Kanishk Gold Private Limited seeking quashing of proceedings by the Enforcement Directorate attaching the firm's property ...

India: Secured Creditors v. Enforcement Directorate: Right To Attachment Of Property

India: Secured Creditors v. Enforcement Directorate: Right To Attachment Of Property

Section 31B was inserted in the SARFAESI Act with the objective of giving the secured creditors (in this case the consortium of banks) a priority over the rights of Central or State Government or any other Local Authority. The intent was to safeguard ...

Many bad loans originated between 2006-2008: Rajan

Many bad loans originated between 2006-2008: Rajan

“A cautionary point as we welcome the NCLT's efforts is that the DRTs (Debt Recovery Tribunal) and SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act) were initially successful, before they became ...

Madras HC raps banks for granting crores to firms without adequate security

Madras HC raps banks for granting crores to firms without adequate security

The court's stinging observations came when it was hearing a plea filed by the State Bank of India in the Rs 820 crore debt recovery proceedings against Kanishk Gold Private Limited seeking quashing of attachment proceedings by the Enforcement ...

Monetary limit for filing cases in DRT doubled to Rs 20 lakh

Monetary limit for filing cases in DRT doubled to Rs 20 lakh

Banks and financial institutions' recovery of dues takes place on ongoing basis through legal mechanisms, which inter-alia includes Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, Recovery of ...and more »

India: IBC: Applicability Of The Moratorium To Personal Guarantor

India: IBC: Applicability Of The Moratorium To Personal Guarantor

Thereafter, SBI issued an auction notice under SARFAESI Act, 2002, to sell the personal property of the Guarantor to recover its dues. The Guarantor approached NCLT which held that moratorium period as stipulated under Section 14 of IBC shall also ...