Securitisation and Reconstruction of Financial Assets & Security Interest, 2002
SARFAESI, 2002 - Securitisation and Reconstruction of Financial Assets & Security Interest, 2002 , Amendment in 2004. Amendments Expected - Central Depository to keep account of all docs, ARC’s Indian Stamp act not applicable, Judge age to be increased from 62-65 DRT- 65-67 DRAT, Jurisdiction to be of bank’s branch location, and DRT to be more stronger, hire purchase and lease agreement to be included with ARC’s to take 100% control of the asset control. DM will assist in taking possession and no civil courts to intervene. Loans applicable - Auto, Student loans, Mortgages, Credit card Receivables, Lease payments, Accounts receivables. When Applicable - Account less than 1 lakh or where principal plus interest in more than 20 % to be proceeded under this act. Agricultural land cannot be proceeded under Sarfaesi. Authorised officer can be Chief Manager. Steps- 0. NPA declared as per RBI guidelines. 1. ...