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Start learning 50% faster. Sign in nowBanks have invoked the Sarfaesi Act against telecom infrastructure provider GTL to recover their pending dues. Aim: · It was brought in to guard financial institutions against loan defaulters. · Taking control of the secured assets · Take over management of the secured assets, as well as the right to transfer the secured assets via lease, assignment, or sale · Designate someone to administer the secured assets · To recover their bad debts, the banks under this law can take control of securities pledged against the loan, manage or sell them to recover dues without court intervention. Coverage: Co-operative banks can also invoke Sarfaesi Act. · The non-banking financial companies (NBFCs) can initiate recovery in Rs 20 lakh loan default cases. · Application: The law is applicable throughout the country and covers all assets, movable or immovable, promised as security to the lender. Powers: · The Act comes into play if a borrower defaults on his or her payments for more than six months. · The lender then can send a notice to the borrower to clear the dues within 60 days. · In case that doesn’t happen, the financial institution has the right to take possession of the secured assets and sell, transfer or manage them. · The defaulter, meanwhile, has recourse to move an appellate authority set up under the law within 30 days of receiving a notice from the lender. Modes of recovery under the SARFAESI Act · Securitisation · Asset reconstruction · Enforcement of security without the interruption of the court
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