Wednesday, September 02
The government has set up a committee to examine key provisions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or SARFAESI Act. The committee will have senior bankers and will examine this and other suggestions to further strengthen the recovery law, said people familiar with the developments.The Supreme Court in September ruled that the borrower's right of redemption under Section 13(8) of the Act stands extinguished once the secured creditor issues a valid notice of sale (publication).The court in the case M. Rajendran vs M/S Kpk Oils And Proteins India Pvt Ltd had further observed that the 30-day wait between publication and sale is the anomaly and asked the government to review it. "We are examining the suggestions made b
