The SARFAESI Act allows banks to auction residential and commercial property to recover loans from borrowers who have defaulted on repayments. It aims to help banks reduce non-performing assets. Banks can seize collateral like land for secured loans without court intervention. The Act provides three methods for asset recovery - securitization, asset reconstruction, and enforcement of security interests. It established regulations for securitization companies and allows borrowers to appeal repossession decisions in Debt Recovery Tribunals.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
Powerpoint slides on Securitization Act 2002. This a financial term. This powerpoint will create good awareness regarding securitization. how this does happen, who have right to do this process etc. people get to know how do banks manage their NPAs.
These slides will give overview of the Debt Recovery Tribunal and its Working of the Tribunal. Further it will help in understanding the requirements for filing an application under the Act.
Powerpoint slides on Securitization Act 2002. This a financial term. This powerpoint will create good awareness regarding securitization. how this does happen, who have right to do this process etc. people get to know how do banks manage their NPAs.
whether the lawyers have a right to strike? Ex-captain Harish Uppal v. Union ...Abhinandan Ray
This is a case on Professional ethics and in this case the court held that lawyers cannot strike arbitrarily inside the court premises but they can wear black badges and can give interview in tv
It is a legislation in India that regulates all banking firms in India. it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in jammu and Kashmir from 1956.
Enacted: 10 March 1949
Enacted by: Parliament of India
Territorial extent: Whole of India
National Company Law Tribunal and NCLAT Renu Bisht
NCLT
Introduction of NCLT
What is NCLAT
Composition of NCLT
composition of NCLAT
Powers of NCLT
The old system of bankruptcy
The present system of bankruptcy
The new concept of the law
Advantages of the new system
Appeals of bankruptcy
Challenges
how the new law is better than old laws?
Bankers keep their accounts & its various details by maintaining various ledgers & journals . When any claim on the bank needs to be established or proved in court these books need to be produced in court.
whether the lawyers have a right to strike? Ex-captain Harish Uppal v. Union ...Abhinandan Ray
This is a case on Professional ethics and in this case the court held that lawyers cannot strike arbitrarily inside the court premises but they can wear black badges and can give interview in tv
It is a legislation in India that regulates all banking firms in India. it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in jammu and Kashmir from 1956.
Enacted: 10 March 1949
Enacted by: Parliament of India
Territorial extent: Whole of India
National Company Law Tribunal and NCLAT Renu Bisht
NCLT
Introduction of NCLT
What is NCLAT
Composition of NCLT
composition of NCLAT
Powers of NCLT
The old system of bankruptcy
The present system of bankruptcy
The new concept of the law
Advantages of the new system
Appeals of bankruptcy
Challenges
how the new law is better than old laws?
Bankers keep their accounts & its various details by maintaining various ledgers & journals . When any claim on the bank needs to be established or proved in court these books need to be produced in court.
NavyaChopra- Enforcement of Security Interest under SARFAESI Act.pptxLEDROIT1
To formalize the operations of the securitization market in India and to ensure financial discipline and control in respect of the rights and obligation of the players, the legislature passed SARFAESI Act, 2002 (Securitization and Reconstruction of Financial assets and Enforcement of Security Interest Act)
In light of a lot of news relating to sham entities garnering funds through fraudulent investment schemes with promise of huge returns mainly in the name of property development and agriculture, SEBI has in the last few years, intensified its scrutiny of investment structures that raise domestic capital on an unregulated basis. SEBI regulates an investment scheme wherein several individuals come together to pool their money for investing in a particular asset(s) and for sharing the returns arising from that investment as per the agreement reached between them prior to pooling in the money under SEBI (Collective Investment Schemes ) Regulations, 1999
In light of a lot of news relating to sham entities garnering funds through fraudulent investment schemes with promise of huge returns mainly in the name of property development and agriculture, SEBI has in the last few years, intensified its scrutiny of investment structures that raise domestic capital on an unregulated basis. Securities Appellate Tribunal recently passed an order upholding SEBI’s findings against Alchemist Infra Reality Limited. The SAT order along with recent pronouncement by the Supreme Court have probed unregulated investment arrangements to conclude whether or not they constitute CIS, as Schemes are required to be registered with SEBI in pursuance to Securities And Exchange Board Of India (Collective Investment Schemes) Regulations, 1999
Accounts of Banking Companies - as per the Government of India Notification no. F.No.2/6/2008-C.L-V dated 30-3-2011, applicable for the financial year commencing on or after April 1, 2011.
Doing CIS activity in Guise of Running Real Estate Business: A Case StudyCS (Dr)Rajeev Babel
My Article titled as 'Doing CIS activity in Guise of Running Real Estate Business: A Case Study' published and displayed by the Taxmann. Citation: [2016] 68 taxmann.com 72 (Article)
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
1. Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002
(SARFAESI ACT 2002)
Introduction:
Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002(SARFAESI ACT 2002) is an Indian law. It allows
banks and other financial institutions to auction residential and commercial
properties to recover loans when the borrower fails to repay their loans.
It enables banks to reduce their non-performing assets (NPA) by adopting
measures for recovery and reconstruction. Upon loan defaults banks can seize
the securities like land (except agricultural land) without the intervention of the
courts. But the intervention is necessary when the security is invalid or
fraudulent.
SARFAESI Act is effective only to secured loans but if assets in question is an
unsecured asset then the banks would have to move to courts to file civil case
against the defaulter.
Background:
The previous act works for recovery of defaults loans i.e. Recovery of Debts
Due to Banks and Financial Institutions Act, 1993.This act was passed after the
recommendation of Narasimham Committee. This act creates a forum such as
Debts Recovery Tribunal (DRTs) and Debts Recovery Appellate Tribunal
(DRATs) for adjudication of dispute with regard to ever increasing non-
recovered debts.
There were several loopholes in the Act and these loopholes were misused by
bankers and lawyers. This let the government to appoint another committee
under Mr. Andhyarujina to examine banking sectorreforms and consideration
to changes in the legal system. Then this committee recommend enacting a new
legislation for establishment of securitisation and reconstruction Company and
empowers the banks and other financial institution to take possessionof NPA.
Thus SARFAESI Act was made.
In Mardia Chemicals Ltd vs. Union of India – Supreme Court held that
SARFAESI ACT had the constitution validity.
2. Mode of Acquisition:
The act provides 3 alternative methods for recovery of non-performing asset.
1. Securitisation: This is a process where financial assets are converted into
marketable securities that can be sold in investors.
2. Assets Re-construction: It means acquisition by any securitization company
or Reconstruction company of any right or interest of any bank or financial
institution in any financial assistance for the purposeof realization of such
financial assistance.
3. Enforcement of security interest: The courts intervention is required for sale
of property and realisation of money due from defaulters. SARFAESIAct has
made provisions for banks and financial institution to take possessionof
securities given for financial assistance and sell the same in the event of default.
RegistrationofSecuritization Companies or Reconstructioncompanies
(Section-3):
No Securitisation company or reconstruction company can or carry out the
business of securitization or assets reconstruction without obtaining a certificate
of registration from RBI and adhering to the other norm like having owned
funds of not less than ₹2crore or such other amount not exceeding 15% of total
financial assets acquired or to be acquired by Securitization company and Re-
construction company and such other norms as may be notified from time to
time but not limited to-
1. Act as an agent for any bank or financial institution for the purposeof
recovering their dues from borrowers on payment of such fees or charge.
2. Act as a manager between the parties, without raising a financial liability for
itself.
3. Act as receiver if appointed by any court or tribunal.
Example, ARCIL, Reliance Asset Reconstruction Com Ltd.
Cancellationof certificate ofRegistration(Section-4):
Reserve Bank can cancel the certificate of Registration of Securitization
Company and Re-construction Company. If such company
3. 1. Cease to carry on business.
2. Cease to receive or hold any investment.
3. Fails to comply with any condition required for registration.
4. Fails to maintain account according to directions of Reserve Bank.
5. Fails to submit books of accounts demanded by Reserve Bank.
Enforcementof Security (Section-13):
If any borrowers fails to discharge his liability in repayment of any secured debt
within 60 days of notice, then the secured creditors has the power under the
SARFAESI Act to-
1. Take possessionof/ sell/ auction/ seize the secured assets of the borrower.
2. Takeover of the management of business of borrower.
3. Appoint any person to manage the secured assets.
NOTE: Agricultural property is exempted from the provisions of the Act.
Right to Appeal (Section-17):
This Act provides that any borrower or any other personaggrieved by the action
of secured creditor can file an appeal to the concerned Debt recovery Tribunals.
Such appeal can also filed by any personaggrieved without being required to
deposit any amount with DRT.
Debt Recovery Tribunal (DRT)- It have been established by the government of
India under an Act of parliament (Act 51 of 1993) for adjudication and recovery
of debts due to banks and financial institution.
Appeal to appellate Tribunal (Section-18):
Any personaggrieved by an order of DRT can appeal to Appellate
Tribunal within 30 days of receipt of order.
The borrower has to deposit50% of the amount claimed by secured
creditors before filing an appeal.
The Appellate Tribunal can reduce this to 25% of the amount claimed,
after recording the reason for such a concession.
4. Central Registry(Section-20 to 26A):
Setting up CR:
1. The government of India, ministry of finance are notified to set up the
CR, to prevent fraud in loan cases involving multiple lending from
different banks on the same immovable property.
2. This registry has become operational on March 31, 2011 and CR is a
government company licensed under Section-25 of the companies Act
1956. Its registration office is at New Delhi for the purposeof operating
and maintaining under the provision of the SAEFAESI Act.
RegisterofSecuritization:
A register called Central Register maintain both in electronic and non-
electronic form and will be kept at the head office of central registry for
entering the particular of the transaction including creation of security or
payment on any security interest related to securitization and
Reconstruction of financial assets and shall be open fir inspected by any
personduring the business hours on payment of prescribe fee.
Cases:
1. Abdul Azeez v/s Punjab NationalBank (kerala)
It was held that a pending case and execution petition is no bar to proceed under
SARFAESI Act.
2. Mahavir plantation Pvt Ltd v/s ICICI Bank Ltd & others
Notice to guarantor under SARFAESI Act is mandatory. Proceeding without
such notice will be vitiated.
3. Noble Aqua Pvt Ltd v/s SBI
Provisions of SARFAESI Act override Section-22 of SICA.