The Government of India introduced the SRFAESI and RDB Acts to expedite the recovery of non-performing assets by granting banks and financial institutions extraordinary powers for self-enforcement of security interests. This book outlines the recovery process stages, including rehabilitation measures for temporarily sick but viable units facing short-term funding mismatches. It discusses the RBI's 90-day norm for classifying loans as non-performing assets (NPAs) and provides guidance on addressing objections to lender actions under Sec.13(2) of the SRFAESI Act, 2002. Additionally, it covers remedies available before the confirmation of sale and transfer, adhering to Rules 8 & 9 of the SI(E) Rules, 2002, and IT rule 15 regarding property attachment. Recovery actions under the SRFAESI or RDB Acts must comply with legal provisions, relative Rules, and RBI guidelines. This book aids readers in grasping the nuances of the SRFAESI Act, 2002, and RDB Act, 1993, along with associated Rules and directives. Honest borrowers, guarantors, and aggrieved parties can find assurance of justice against the misuse of the legal process by lenders in a perverse manner.
K. Padmanabhan Bücher
