SARFAESI Act- 2002

About SARFAESI Act- 2002

Good App For Study And Read SARFAESI Act- 2002

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The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) is an Indian law that allows banks and other financial institutions to auction residential or commercial properties of defaulters to recover loans.

The act provides power to a bank or financial institution to seize the property of a defaulting borrower. The banks issue notices to the defaulting borrowers to discharge their liabilities within 60 days period. When the defaulting borrower fails to comply with the bank notice, the SARFAESI Act gives for the following recourse to a bank: seizing the property.

The Act gives detailed provisions for the formation and activities of Asset Securitization Companies (SCs) and Reconstruction Companies (RCs), with the scope of their activities, capital requirements, funding, etc. RBI is the regulator for these institutions.

However, the SARFAESI Act is yet to live in harmony with tenancy rights created over secured assets.

‘SARFAESI Act 2002’ is the Best ‘Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act’ learning App with latest Amendments. It is a free and offline app providing detail Section-wise and Chapter-wise Legal Information of SARFAESI Act of India.

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), 2002 is an Indian law. It allows banks and other financial institution to auction residential or commercial properties to recover loans. The first asset reconstruction company (ARC) of India, ARCIL, was set up under this act.

This ‘SARFAESI Act 200' app is a user friendly app that provides the entire SARFAESI Act including all the legal procedures, schedules and amendments as notified by Government of India.
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This ‘SARFAESI Act 2002' app is very useful for Law professionals (Lawyer, Attorney and others alike.), Teachers, Students, anyone interested in learning this Law of India.
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