Basic Rights of Borrowers: SARFAESI Act of 2002
inancial Institution and other Non-Banking Financial Institutions (NBFCs) and hence, it is against the principle of equity and natural justice.
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The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act of 2002 was enacted to fight the menace of Non-Performing Assets (NPA), on the basis of the recommendations made by the Andhyarujina Committee. But many experts were of the belief that the act is draconian and completely favours the Banks, Financial Institution and other Non-Banking Financial Institutions (NBFCs) and hence, it is against the principle of equity and natural justice.
