"It was a wonderful experience interacting with you and appreciate the way you have planned and executed the whole publication process within the agreed timelines.”
Subrat SaurabhAuthor of Kuch Woh PalThe Government of India enacted special laws viz., the SRFAESI and RDB Acts to help speed up the recovery process of non-performing assets, by vesting the banks and F/Is with extra-ordinary powers for self-enforcement of security interests given as collaterals per mortgage in favour of the lenders.
This book explains different stages of recovery process; rehabilitation measures expected of the / banks / FIs to help revive those temporarily sick but economically viable units facing brief span of mis-match in the flow of working funds; the RBI norm of 90 days to classify a loan account as NPA ( Non-Performing Asset), when and whom to approach in case of objection to lender’s action under Sec.13(2) of the SRFAESI Act, 2002; and about the remedy available till the last stage of execution but before confirmation of sale and transfer subject to Rules 8 & 9 of the SI(E) Rules, 2002 read with IT rule 15 relating to attachment of property.
Any action for recovery under the SRFAESI or RDB Acts should strictly be in accordance with and in the manner and order of priority as laid down in the provisions of law, read with the relative Rules and RBI directives / guidelines.
This book helps readers to understand nuances of the provisions of SRFAESI Act, 2002 and RDB Act, 1993; read with the relative Rules and RBI directives / guidelines. Honest and sincere borrowers / guarantors and / or any aggrieved party are assured of justice, when the process of law is being misused by lenders apparently in a perverse and absurd manner.
K. Padmanabhan
Shri K.Padmanabhan is a practicing advocate registered at the Karnataka State Bar Council. As a consultant, he has rich experience in the commercial field and related laws. He has served in the Inspection Department of Reserve Bank of India for about ten years.
He handles all kinds of financial disputes with a righteous and positive outlook, including those matters that deprived the aggrieved party of his hope for any relief in contravention of the provisions of Law and Rules , and provides expert professional and apt guidance on all Debt Recovery matters irrespective of the stage of recovery. He also ensures that the borrowers are not taken for a ride by the secured creditors per inflated demands on any pretext. He is for helping the helpless and innocent borrowers / guarantors / aggrieved party to get justice but strictly in obedience to the provisions of law, rules, RBI guidelines and the other related laws having a bearing on the provisions of SRFAESI or Recovery of Debts and Bankruptcy (RDB) Acts. He is available for consultation on debt recovery matters right from the Pre-NPA stage with authentic solutions.
