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    • Frequently Asked Questions
    on Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)

    1. What is Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    2. What is the full from of Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    3. Who is the authorized officer under Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    4. What is 13(2) notice under Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    5. What are ingredients of a 13(2) notice under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    6. Can I sell, lease or in any other way deal with the properties mentioned in the scheduled attached to the 13(2) notice under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    7. What should I do if I receive a Section 13(2) notice under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    8. Can I file an appeal against the 13(2) notice of the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    9. Can I challenge Section 13(2) notice issued to me under Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    10. My land lord has been issued a Section 13(2) notice under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act). As my interests are affected can I challenge the Section 13(2) notice issued to my landlord?

    11. How much time is available for filing an representation against a Section 13(2) notice issued under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    12. Am I entitled to a personal hearing on the representation filed by me against the Section 13(2) notice of the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    13. What is Section 13(4) notice under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    14. Can the bank take over physical possession of my property after the Section 13(2) notice of the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    15. Does the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act) prescribe any procedure for getting the properties vacated?

    16. Can the Debts Recovery Tribunal (DRT) order sale of the property under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act) even though my appeal is pending?

    17. Can I file a counter claim in the Debts Recovery Tribunal (DRT) against the Bank along with my appeal against Bank’s actions under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act (SRFAESI Act)?

    Click here to See Answers

    1. For FAQs on more topics, click here

    2. For carefully selected Judgments/Decisions of Supreme Court, High Courts, DRATs etc on Non Performing Assets (NPA) Management, click here

    3. For selected Reserve Bank of India (RBI) circulars on managing Non Performing Assets (NPA) Management, click here

    4. For doubts/queries on Non Performing Assets (NPA) Management, click here

    5. For CDR options on Non Performing Assets (NPA) Management, click here

    6. For Investment options on Non Performing Assets (NPA) Management, click here
    Important Orders
    on NPAs
    The Debt Recovery Tribunals (DRT) should carefully examine the mortgages and see if the mortagor had the right to mortgage the property at all or not.
    Simultaneous Proceedings can go on before Banking Ombudsman as well as before the Debts Recovery Tribunal Simultaneous proceedings can go on
    In transferred matters the Debts Recovery Tribunal may continue with the proceedings from any stage it may deem fit
    A cooperative Bank is not required to go before the Debts Recovery Tribunals for the recovery of its dues from its members.
    Auctioning authorities like the Debts Recovery Tribunals should ensure that the best price was recovered for the property.
    Where the State claims first charge over a property which is mortgaged to a Bank, the Debts Recovery Tribunal is the competent court to decide whether the Bank has right over a mortagaed property or the State.
    Banks can invoke SRFAESI Act even when their cases are pending before the a Debts Recvovery Tribunal.
    On transfer of case from civil court, cross examination and recording of evidence already done will stand before the Debts Recovery Tribunal.
    The Debts Recovery Tribunal can order sale of properties even though a Recovery Certificate is yet to be issued.
    Read Citations






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