Banks expect the basic character of the Sarfaesi Act, 2002, to remain intact and see only minor procedural changes being effected by the Centre in response to the latest Supreme Court (SC) directive seeking redrafting of the law.
The SC has asked banks, financial institutions and defaulting companies to come up with suggestions before September 15, the next date of hearing in the Mardia Chemicals Vs ICICI Bank case, to fine tune the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, as