Guidelines for Borrowers, NPAs under the SARFAESI Act, 2002
It was also claimed by the bank that the borrower had been litigating, by filing applications before the Tribunal.
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The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act of 2002 is quite a convenient tool for banks and other financial institutions which includes Non-Banking Financial Company (NBFC) to recover the debts from their borrowers as financial creditors.
