THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT (SARFAESI),2002: A CRITICAL STUDY
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Abstract
Increasing non-performing assets (NPAs) of the banks have posed several severe challenges in maintaining the economic stability of any country and India is no exception to this. With the objective of reducing NPAs of the nation and thereby having economic stability in the country, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) was enacted in 2002 in India. The primary intent of the SARFAESI Act aims to set guidelines of securitization and reconstruction of financial assets and enforcement of security interests. This research paper attempts to critically study the SARFAESI Act, 2002 that was legislated in 2002 and critically look into the shortcomings that are encountered in the execution of the Act.
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