SARFAESI
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What does SARFAESI stand for?
SARFAESI stands for Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
What is the full form of NPA in the context of SARFAESI?
Non-Performing Asset
In which year was the SARFAESI Act enacted?
The SARFAESI Act was enacted in the year 2002.
Under SARFAESI, what is the minimum loan amount threshold for action?
Rupees one lakh outstanding dues
What is the primary objective of the SARFAESI Act?
The primary objective is to empower banks and financial institutions to recover non-performing assets (NPAs) without court intervention by enforcing security interests.
Which court handles disputes arising from SARFAESI enforcement actions?
Debt Recovery Tribunal (DRT)
What minimum amount of outstanding dues is required for invoking SARFAESI?
The outstanding dues must be more than Rs. 1 lakh for a bank or financial institution to invoke SARFAESI provisions.
What is the appeal tribunal above DRT under the SARFAESI framework?
Debt Recovery Appellate Tribunal (DRAT)
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