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By admin | 14 Comments | 7 Nov Why is the SARFAESI Act of critical importance to lenders? Viewed: 45,659 times 23 people like this. Like By Darshana Rajendran, IFMR Finance Foundation An asset becomes nonperforming when it ceases to generate income for the bank. In India, a Non Performing Asset (NPA) is broadly defined as one with interest or principal repayment instalment unpaid for more than 90 days. There exist defined mechanisms to deal with NPAs of banks and financial institutions today. However prior to 1993, banks had to take recourse to the long legal route against defaulting borrowers, beginning with the filing of claims in the courts. A lot of time was therefore spent in the judicial process before banks could have any chance of recovery on their loans. On average, a civil suit decision took anywhere between 5 to 7 years. Under the Recovery of Debts to Banks and Financial Institutions Act 1993, Debt Recovery Tribunals (DRTs) were set up for recovery of loans of banks and financial institutions. This led to speedy recovery of loans in about 1 year’s time as against the average time of 5 to 7 years required in civil suits. While initially the DRTs performed well, their progress suffered as they got overburdened with the huge volume of cases referred to them. To speed up the process of recovery from NPAs, The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) Act was enacted in 2002 for regulation of securitization and reconstruction of financial assets and enforcement of security interest by secured creditors. The SARFAESI Act empowers Banks / Financial Institutions to recover their nonperforming assets without the intervention of the Court. The Act provides three alternative methods for recovery of nonperforming assets, namely: Securitisation Asset Reconstruction Enforcement of Security without intervention of the court Secured creditors are given the power to take possession of the securities in the event of default and sell such securities for the purpose of recovery of the loan. The Act provides for enforcement of Security interest by a secured creditor without intervention of the court, in cases of default in repayment of instalments and noncompliance with the notice period of 60 days after the declaration of the loan as a nonperforming asset. The Act also provides for setting up of Securitisation Companies/ Reconstruction Companies (SC/RC), which acquire the NPAs from banks and financial institutions by raising funds from Qualified Institutional Buyers (as defined by the Act) by issue of Security Receipts (As defined by the Act) representing undivided interest in such financial assets. The Act enables SC/RCs to take possession of secured assets of the borrowers including right to transfer and realize the secured assets. SC/RCs act as debt aggregators or agents of the banks or financial institutions focused in the resolution of NPAs. The SC/RCs buy the impaired assets from banks and financial institutions, thereby cleaning the balance sheets of the banks and permitting them to focus on their normal banking business. The promulgation of the SARFAESI Act has been a benchmark reform in the Indian banking sector. Search Follow Us On: Recent Comments Pras This is a good exercise to develop a guide to the banking potential / credit in the service area... GDP Mapping Exercise – Illustrations from recent studies · 1 week ago G Manivachagam Thanks for the service being provided by you to the borrowers whose loan accounts have become... Why is the SARFAESI Act of critical importance to lenders? · 1 week ago Anand Agreed Monika. It makes a lot more sense to have a universal minimum pension at the level of the... An Initial Analysis of the Atal Pension Yojana · 1 month ago Monika Halan Should we think about giving the already announced DB benefit as a base pension and then allow... An Initial Analysis of the Atal Pension Yojana · 1 month ago Navneet On August 27, 2013 the Reserve Bank put on its website a policy discussion paper on Banking... RBI Releases Report of the Nachiket Mor Committee on Comprehensive Financial Services · 1 month ago Most Popular Why don’t Indian farmers grow more fruits and vegetables? An Initial Analysis of the Atal Pension Yojana Why is the SARFAESI Act of critical importance to lenders? An overview of the features of the Mahatma Gandhi National Home About Us Blog Topics Subscribe Contact IFMR Trust

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  • 4/18/2015 WhyistheSARFAESIActofcriticalimportancetolenders?IFMRBlog

    http://www.ifmr.co.in/blog/2011/11/07/whyisthesarfaesiactofcriticalimportancetolenders/ 1/5

    Byadmin | 14Comments |

    7Nov

    WhyistheSARFAESIActofcriticalimportancetolenders?

    Viewed:45,659times

    23peoplelikethis.Like

    ByDarshanaRajendran,IFMRFinanceFoundation

    Anassetbecomesnonperformingwhen itceasestogenerate incomefor thebank. In India,aNonPerforming Asset (NPA) is broadly defined as one with interest or principal repayment instalmentunpaidformorethan90days.

    ThereexistdefinedmechanismstodealwithNPAsofbanksandfinancialinstitutionstoday.Howeverprior to 1993, banks had to take recourse to the long legal route against defaulting borrowers,beginningwiththefilingofclaimsinthecourts.Alotoftimewasthereforespentinthejudicialprocessbeforebankscouldhaveanychanceofrecoveryontheirloans.Onaverage,acivilsuitdecisiontookanywherebetween5to7years.

    Under theRecoveryofDebts toBanksandFinancial InstitutionsAct1993,DebtRecoveryTribunals(DRTs) were set up for recovery of loans of banks and financial institutions. This led to speedyrecoveryof loans inabout1years timeasagainst theaverage timeof5 to7yearsrequired incivilsuits.While initially theDRTsperformedwell, theirprogresssufferedas theygotoverburdenedwiththehugevolumeofcasesreferredtothem.

    Tospeedup theprocessof recovery fromNPAs,TheSecuritisationandReconstructionofFinancialAssetsandEnforcementofSecurityInterestAct(SARFAESI)Actwasenactedin2002forregulationofsecuritizationand reconstructionof financial assets andenforcement of security interest by securedcreditors.TheSARFAESIActempowersBanks/FinancialInstitutionstorecovertheirnonperformingassetswithouttheinterventionoftheCourt.TheActprovidesthreealternativemethodsforrecoveryofnonperformingassets,namely:

    SecuritisationAssetReconstructionEnforcementofSecuritywithoutinterventionofthecourt

    Securedcreditorsaregiventhepowertotakepossessionofthesecuritiesintheeventofdefaultandsell such securities for the purpose of recovery of the loan. The Act provides for enforcement ofSecurity interest by a secured creditor without intervention of the court, in cases of default inrepaymentofinstalmentsandnoncompliancewiththenoticeperiodof60daysafterthedeclarationoftheloanasanonperformingasset.

    TheActalsoprovidesforsettingupofSecuritisationCompanies/ReconstructionCompanies(SC/RC),which acquire the NPAs from banks and financial institutions by raising funds from QualifiedInstitutional Buyers (as defined by the Act) by issue of Security Receipts (As defined by the Act)representingundividedinterestinsuchfinancialassets.TheActenablesSC/RCstotakepossessionofsecuredassetsoftheborrowersincludingrighttotransferandrealizethesecuredassets.SC/RCsactasdebtaggregatorsoragentsofthebanksorfinancialinstitutionsfocusedintheresolutionofNPAs.The SC/RCs buy the impaired assets from banks and financial institutions, thereby cleaning thebalancesheetsofthebanksandpermittingthemtofocusontheirnormalbankingbusiness.

    Thepromulgationof theSARFAESIActhasbeenabenchmark reform in the Indianbankingsector.

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    Thisisagoodexercisetodevelopaguidetothebankingpotential/creditintheservicearea...GDPMappingExerciseIllustrationsfromrecentstudies1weekago

    GManivachagamThanksfortheservicebeingprovidedbyyoutotheborrowerswhoseloanaccountshavebecome...WhyistheSARFAESIActofcriticalimportancetolenders?1weekago

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  • 4/18/2015 WhyistheSARFAESIActofcriticalimportancetolenders?IFMRBlog

    http://www.ifmr.co.in/blog/2011/11/07/whyisthesarfaesiactofcriticalimportancetolenders/ 2/5

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    TheprogressunderthisActhadbeensignificant,asevidencedbythefactthatduring200203whentheAct came into effect, therewas an overall reduction of nonperforming loans to 9.4 per cent of

    grossadvancesfrom14.0percentin199920001.

    Currently, three legaloptionsareavailable tobanksforresolutionofNPAs theSARFAESIAct,DebtRecovery Tribunals and Lok Adalats. The SARFAESI Act has been the most important means forrecoveryofNPAs.TheamountofNPAsrecoveredunder theSARFAESIAct formedoverhalfof thetotal amount of NPAs recovered in 200910. Banks have referred asmany as 78,366 loan defaultcasesbyendmarch2010under theSARFAESIAct involvinga loanamountofRs. 14, 249crores.

    Againstthis,banksmanagedtorecoverRs.4,269croresrepresenting30%oftheloans2.

    Recentlythe Reportof theWorkingGroupontheIssuesandConcerns intheNBFCSector laidoutrecommendations to extend the coverage of SARFAESI to NBFCs as well. This move will benefitNBFCs, ensuring quicker recovery of their nonperforming assets. This, in turn, could encourageNBFCstoprovideaccesstoawiderrangeoffinancialproductsandservebetterthecauseoffinancialinclusion.

    Receiveblogupdatesbysigninguphere:http://www.ifmr.co.in/blog/join/1ReserveBankofIndiaonTrendandProgressofBankingIndia20022003

    2ReserveBankofIndiaonTrendandProgressofBankingIndia20092010

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    sumangaindhar 6monthsagoIfeeltheSarfeasiactstillhaslotofloopholes.ThereareadvocatesavailableinthecoridoorsofDRTsandDRATswhowillensurethedefaulterstosleepfor4yearsandnothingwillhappen.Thisactneedsareview.

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    Puniya ayearagocanthePropertyboughtfromthebankundersarfaesiactbesoldbythefirstownerofthelandwhohappenstobetheSC/ST.Ipurchasedapropertyfrombankandafter8yearsthesamepropertyisbeingclaimedbyitsfirstownerwhoisSC.

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    sv.nagarajan ayearagoBrief........Butgivesaclearunderstandingwithsimplelanguagethanku

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    ManSinghTosaria 3yearsagoTheSARFAESIActisaCibillawwhichdealswithhelpingBanks/FIstotakepossessionofFinancialAssetsforthesakeofrecoveringtheirdues(NPA).DoesSec.35ofTheSARFAESIActsupercedecriminallawstoo?

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    T.R.Radhakrishnan 3yearsagoDearDarshanaRajendran,AttheoutsetIintroducemyselfasanExbankerpresentlyhandlingDRTandSARFAESIcasesasfacilitator.IhaveclientsfromalloverIndia.IdonotknowwhetheryouhavemadeathoroughstudyofSARFAESIACT.Ihavewrittenmanyarticlesabout

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  • 4/18/2015 WhyistheSARFAESIActofcriticalimportancetolenders?IFMRBlog

    http://www.ifmr.co.in/blog/2011/11/07/whyisthesarfaesiactofcriticalimportancetolenders/ 3/5

    Reply

    youhavemadeathoroughstudyofSARFAESIACT.IhavewrittenmanyarticlesaboutSARFAESIACTthroughwhichIhavebroughtouthowthisdraconianacthasinfringedintothehumanrights,fundamentalrightsandprinciplesofnaturaljustice.WhereverIhavehandledthecases,theyarestillinthetrialcourtofDRTandIamsureifarguedproperlyeachcasewillgotosupremecourtlevel.Manyofthehonestborrowers'liveshavebeenaffectedbyinvokingtheSARFAESIACTbytheirresponsiblebankerswhosemanywrongdoingshavecausedlossanddamagestothesehonestborrowers.Thebankersdonotdistinguishbetweenanintentionaldefaulterandaborrowerwhobecameadefaulterbecauseofthecircumstancesbeyondhiscontrolandthebanksalsowereandstillaremutespectatorstotheproblemsandpredicamentfacedbysuchborrowers.MostofthebakersneverfollowRBIdirectivestopreventaccountbecomingNPA.IfyouneedIcansendsomeofthearticlesIwroteonthesubjectmatter.Iamsorrytohaveexpressedmypointssoblatantly.T.R.RadhakrishnanEmail:[email protected]:(0)9229248048

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    GManivachagam 12daysago>T.R.RadhakrishnanThanksfortheservicebeingprovidedbyyoutotheborrowerswhoseloanaccountshavebecomeNPA...OnceanoticeunderSARFAESIActisissuedcantheNBFC,forinstancetheStateFinancialInstitutions,continuetodebitsuchNPAaccountwithnormalpluspenalinterestforultimaterecovery?InCivilCourts,Iremember,suchaccrualofinterestoncerecoveryproceedingsareinitiated..EvenwithRBIguidelinestheNBFC/BanksarenotallowedtodebitsuchintereststosuchaccountsoncetheybecomeNPAs.NBFC/Banksiftheykeepaseparateaccountofsuchaccruedinterest,theyshouldprovideequalamountbycreatingprovision,viz.,suchinterestsarenottobetreatedasincome..SomeNBFCsarecontinuedtochargesuchinterestonNPAswithoutaddingthemintotheirincomeandpayingincometaxonsuchincome.Whatisthelegalposition?Canyouclarifybymailtomaniadg@yahoo.co.in?GManivachagam,IRS(C&CE)RtdMobile:09449823664

    Reply

    MAuppal ayearago>T.R.RadhakrishnanItisindeedadraconianlawwhichhasencouragedcorruptioninBanks.Suchlawsandarbitrary/sadisticinterpretationisnotsparingotherDirectorswhohavenothingtodowiththeborrowingsnortheyareguarantors.

    Reply

    DarshanaRajendran 3yearsagoOncetheaccountoftheborrowerhasbeenclassifiedasanNPAaspertheguidelinesissuedbyRBI,theBankwillproceedtomakeademandnoticeunderSection13(2)informingtheborrowerabouttheoutstandingamountintheloanaccountandalsotheconsequences.IftheborrowerraisesanywrittenobjectionstotheBanksdemandnoticeundersection13(2),thentheBankshouldreplytotheobjections.IftheBanksrejectstheobjectionsraisedbytheborrowerundersection13(3A),thentheBankproceedstoissueapossessionnoticeundersection13(4)oftheActinformingtheborrowerthattheyhavetakensymbolicpossessionoftheproperty.Thisisnotactualpossessionofthesecuredassetorpropertyoftheborrower.ThepossessionnoticeissuedbytheBankundersection13(4)oftheActprovidesarighttotheborrowertoapproachtheDebtRecoveryTribunalandfileanAppealifhefeelsaggrieved.IftheDRTdismissestheapplication,thentheborrowerisentitledtofileanappealtotheDebtRecoveryAppellateTribunal.IncaseswheretheborrowerdidnotapproachtheTribunalandincaseswheretheborrowerfailstomeetthedemandmadebytheBank,theBankwilltakestepsintakingphysicalpossessionofthepropertyundersection14andcansellthesecuredassetinpublicauction.

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  • 4/18/2015 WhyistheSARFAESIActofcriticalimportancetolenders?IFMRBlog

    http://www.ifmr.co.in/blog/2011/11/07/whyisthesarfaesiactofcriticalimportancetolenders/ 4/5

    Reply

    Sonia 3yearsagoWhatisthecurrentexactprocedurebywhichBanksinitiatearecoveryfromadebtoraftertheLoanbecomesanNPA?DobankshaveanobligationtoselltheirNPAstoSC/ARCsimmediatelyafteradefaultof90daysonthedebtorspart?AndhowmuchtimedoestheSC/ARCgivethedebtortomakegoodtheinstallmentsmissed?

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    DarshanaRajendran 3yearsagoIagreethatinthecaseyoumentioned,thecourtheldthatifacontractualrighttorepossessionisprovided,thereisnoneedforcourttointerfere.Whilethiscasestatedthatthehypothecateecantakepossessionofgoodswithoutinterventionofthecourtasperthehypothecationagreement,therehavebeenothercaseswherecontraryviewshavebeenexpressedbycertaincourts.Forexample:IncaseofTarunBhargavaVs.StateofHaryana&Anr.,itwasheldthatIftheagreementisheldtobealoanagreementandrightsofthecreditorareheldtobethoseofahypothecatee,rightsofthepartiesundertheagreementwouldbedifferent.Ahypothecatee,cannottakepossessionofthesecuritywithoutinterventionoftheCourt,thoughhehasarighttotakepossessionortosellthehypothecatedpropertythroughCourtortogivenoticetothehypothecatortoenforcethesecurity.Permittingahypothecateetophysicallyrepossessthehypothecatedgoodsagainstthewishesofthehypothecatorwillenablethehypothecateetotakelawinhisownhands,deprivethehypothecatorofhisdefencebydeprivinghimoftheuseofgoodsevenwhenhisclaimmaybethathedoesnotoweanymoney

    Hencetherewereconflictingjudgmentsontherightsofthehypothecatee.SARFAESIresolvedthisconflictbyconferringpowersofenforcementonbanksandfinancialinstitutions.

    4

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    SoorajSharma97 3yearsagoVeryevidently,youhavenotreadStatebankofIndiaV.S.B.ShahAli,sinceyousayallthis.Onlyservestohighlighthowpoorlyresearchedthisarticleis.

    Reply

    DarshanaRajendran 3yearsagoTheSARFAESIAct,forthefirsttime,recognisedtheconceptofcomprehensivesecurityinterest.Howeveritistruethatitdoesnothaveuniversalapplication,itonlyappliestobanksandfinancialinstitutions.Also,whilepossessorysecurityiscoveredbytheIndianContractsAct,therewerenoprovisionsinregardtononpossessorysecuritiesuntilSARFAESIwasenacted.

    Reply

    sooraj 3yearsagoNotallsecuredcreditorsaregiventhebenefitofprotectionunderSARFAESIAct.Infact,theblogpostwronglysuggeststhatthesecuredcreditorsdidnothavesuchprotection.Pledgeealwayshadtherightofsellingthepawnedgoodsandthisrighttheyhadbeenpossessingsince1872(passageofIndianContractAct).TherearemanyspeciesofsecuredcreditorsandsecurityandSARFAESIdoesnotcoverallofthem.So,thisblogpostreallymissesthepoint.

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    NishaTatkar 3yearsagowhatisthedifferencebetweenSecuritisation&EnforcementofSecuritywithoutinterventionofthecourt?

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  • 4/18/2015 WhyistheSARFAESIActofcriticalimportancetolenders?IFMRBlog

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