SARFAESI Act definition
Examples of SARFAESI Act in a sentence
The recovery process of enforcement of mortgage/securities, including but not limited to, taking possession and sale of the mortgaged property in accordance with the procedure prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) or under any other law, is followed purely as per the directions laid down under the respective law.
The Bank shall be entitled to refer the dispute to the Debts Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and shall also be entitled to enforce the Security under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) with amendment made in year 2016, where applicable.
Moreover, if the default persists the loan account may be declared as Non-Performing Asset, a notice recalling the entire outstanding amount shall be issued and suitable action for the recovery of outstanding dues may be initiated under section 138 of Negotiable Instruments Act, SARFAESI Act and or any other laws as WEHFL may decide on case to case basis.
Intimation/Reminders/Notice(s) are given to customer prior to initiating steps for recovery of overdues, under the Negotiable Instruments Act, Civil Suit as well as under the SARFAESI Act.
If the premises of a defaulter ▇▇▇▇▇▇ is sold by a Bank/financial institution by way of open auction, or otherwise disposed of by such Bank/financial institution, either by adoption of proceedings under the SARFAESI Act or other applicable law after the date of issue of this policy, the purchaser of such premises and the premises itself shall be treated as defaulter.
The Mortgage property must be absolutely clear and marketable and free from any En-cumbrances and must be enforceable under the SARFAESI Act.
That the borrower is well aware that the Central Government has notified BANDHAN BANK to be treated as a “Financial Institution” under Securitisation and Reconstruction of Financial Assets and Enforcement of Security ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ (54 of 2002), (SARFAESI Act).
The Lender is entitled to recover and dispose the Secured Asset as per the SARFAESI Act.
Moreover, if the default persists the loan account may be declared as Non-Performing Asset, a notice recalling the entire outstanding amount shall be issued and suitable action for the recovery of outstanding dues may be initiated under section 138 of Negotiable Instruments Act, SARFAESI Act and or any other laws as WEHFL may decide on case - to - case basis.
The Bank shall be entitled to refer the dispute to the Debts Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and shall also be entitled to enforce the Security under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), where applicable.