Legal Question in Banking Law in India

APPLICABILITY of SARFAESI ACT.2002

Please let us know when and at what stage the Bank can take recourse to the SARFAESI Act. Is it linked with the Prudential Norms of RBI?


Asked on 3/25/08, 12:14 am

6 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: APPLICABILITY of SARFAESI ACT.2002

The bank can proceed under SARFAESI Act if the debt is classified as Non Performing Asset as per the rules of the RBI.

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Answered on 3/27/08, 3:35 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: APPLICABILITY of SARFAESI ACT.2002

If the debt is classified as NPA the SARFAESI act applies

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Answered on 3/28/08, 7:43 am

Re: APPLICABILITY of SARFAESI ACT.2002

It applies when debtor fails to returned the money of bank and when his account is declared NPA and accordingly notice u/s.13(2) is sent and served to the debtor.

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Answered on 3/26/08, 2:15 pm

Re: APPLICABILITY of SARFAESI ACT.2002

It applies when debtor fails to returned the money of bank and when his account is declared NPA and accordingly notice u/s.13(2) is sent and served to the debtor.

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Answered on 3/26/08, 2:16 pm

Re: APPLICABILITY of SARFAESI ACT.2002

It applies when debtor fails to returned the money of bank and when his account is declared NPA and accordingly notice u/s.13(2) is sent and served to the debtor.

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Answered on 3/26/08, 2:16 pm
J. Radhakrishnan independent Practice

Re: APPLICABILITY of SARFAESI ACT.2002

Once the debt is classified as Non Performing Asset as per the prudential norms prescribed by the RBI, and if there is an enforceable security interest, the Bank can proceed under SARFAESI Act.

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Answered on 3/25/08, 2:50 pm


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