期刊名称：International Journal of Advances in Engineering and Management
电子版ISSN：2395-5252
出版年度：2020
卷号：2
期号：9
页码：689-693
DOI：10.35629/5252-0209620623
语种：English
出版社：IJAEM JOURNAL
摘要：The banking sector in India is in burden of bad loans provisioning and the decline in profitability of commercial sector banks particularly Public sector Banks. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is piece of one such legislation that focuses on strengthening the rights of the secured creditors against the defaulting debtors. In the early nineties, banks faced a lot of difficulties in recovering their loans which they have landed just because of the inordinate delay in deciding cases which were in Civil Courts and also because of other technical issues. This article studies the history, applicability, operation mechanism, and loop-hols of SARFAESI Act 2002. Furthermore, this article aims to examine the effectiveness of the recovery mechanism and certain problems in the implementation of the Act itself. This paper also endeavours to present some important court judgments. Thereafter, concluding it with suggestions.
