SARFAESI ACT, 2002-Borrowers' woes

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) was enacted to help the Banks and Financial Institutions to recover their debts without the intervention of the Court through Debts Recovery Tribunals established in various parts of India. But the way the borrowers are being treated by the Authorised Officer of the bank and some of the Presiding Officers of DRT calls for a re-orientation of the approach.

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