About SARFAESI Act of India
Check out and search the entire SARFAESI Act of India. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover...
Check out and search the entire SARFAESI Act of India.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) empowers Banks / Financial Institutions to recover their non-performing assets without the intervention of the Court. The Act provides three alternative methods for recovery of non-performing assets, namely: -
-Securitisation
-Asset Reconstruction
-Enforcement of Security without the intervention of the Court
The provisions of this Act are applicable only for NPA loans with outstanding above Rs. 1.00 lac. NPA loan accounts where the amount is less than 20% of the principal and interest are not eligible to be dealt with under this Act.
Non-performing assets should be backed by securities charged to the Bank by way of hypothecation or mortgage or assignment. Security Interest by way of Lien, pledge, hire purchase and lease not liable for attachment under sec.60 of CPC, are not covered under this Act
The Act empowers a bank:-
-To issue demand notice to the defaulting borrower and guarantor, calling upon them to discharge their dues in full within 60 days from the date of the notice.
-To give notice to any person who has acquired any of the secured assets from the borrower to surrender the same to the Bank.
-To ask any debtor of the borrower to pay any sum due or becoming due to the borrower.
Any Security Interest created over Agricultural Land cannot be proceeded with. (Source: Wikipedia)
Read the entire SARFAESI Act of India. Search at will. All sections of the Act are available in the app.
Whether you are a layperson, law student, chartered accountant, a corporate lawyer or a taxpayer, this is an invaluable reference since it contains full text of the Act. You can search using any keyword and the app will show you the relevant sections.
* To see all sections of the Act (index) do not enter any search term and hit the search key. This provides you with complete list of chapters like a TABLE OF CONTENTS.
The list of contents chapter-wise comes up by default when you start the application.
To see list of contents chapter-wise, press the search key with no search text.
Join in to our Facebook group: http://facebook.com/appfever.apps and check out more of our apps on Google Play
We hope you enjoy referring to our application on your Android phone and Android tablet.
If you have questions about any functionality or any applications errors, do send email to us and we will fix straightaway. Please refrain from flaming us on google play - we usually respond quickly to reasonable requests.
You will see periodic ads in the application. The download is free so this is the way we monetize the app.
Thank you
-Appfever Android team
Previous Versions
Here you can find the changelog of SARFAESI Act of India since it was posted on our website on 2016-12-22 23:43:37.
The latest version is 2.0 and it was updated on 2024-04-23 10:02:32. See below the changes in each version.
SARFAESI Act of India version 2.0
Updated At: 2013-08-10
Changes: Improved user navigation.
Disclaimer
External Download
We do not host SARFAESI Act of India on our servers. We did not scan it for viruses, adware, spyware or other type of malware. This app is hosted by Galad and passed their terms and conditions to be listed there. We recommend caution when installing it.
The APK Download link for SARFAESI Act of India is provided to you by apps112.com without any warranties, representations or guarantees of any kind, so access it at your own risk.
If you have questions regarding this particular app contact the publisher directly. For questions about the functionalities of apps112.com contact us.
