- 05/27/2019 at 6:47 pm #1006531EduGorillaKeymasterSelect Question Language :
The SARFAESI Act, 2002 has given extreme powers to banks. Banks can give a notice in writing to the defaulting borrower requiring it to discharge its liabilities within 60 days. If the borrower fails to comply with the notice, the Bank may take action to recover the debt. The SARFAESI Act provides for the establishment of Asset Reconstruction Companies (ARCs) regulated by RBI to acquire assets from banks and financial institutions. The Act also provides for sale of financial assets by banks and financial institutions to asset reconstruction companies (ARCs).
What of the following are the necessary conditions for enforcing the rights of the banks to recover the debt under SARFAESI?
a) The debt is secured and classified as an NPA by the banks
b) The outstanding dues are 1 lakh and above and more than 20% of the principal loan amount and interest there on.
c) The security to be enforced is not an Agricultural land
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