Saturday 18 July 2015

Debt assigned to a bank by a NBFC can't be enforced by the assignee-bank under SARFAESI Act

SARFAESI ACT : In view of the scheme of the SARFAESI Act, Objects and Reasons and various provisions of the SARFAESI Act, a debt which is assigned to a Bank or Financial Institution by Non-banking Financial Company is not covered within the definition of the term “borrower” and therefore cannot be enforced under Section 13 of the said Act. Only debts which are assigned to a Bank from another Financial Institution or to the Financial Institution from a Bank can be enforced by the assignee under t

No comments:

Post a Comment