M J Antony’s column “Creditors in a domineering role” (Out of Court, August 15) argues for special protection to small borrowers under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. However, any sort of protection will only result in unscrupulous borrowers taking advantage of the system. Again, in the absence of the power to recover, banks may also be reluctant to lend to retail borrowers — which, in turn, will affect genuine borrowers. It should be understood that the fault lies not with the provisions of the Act itself, but with the people or institutions implementing these. For a law to be effective it is necessary for it to be simple and hassle-free and, most importantly, it should eschew exemptions. This will, in turn, lead to quicker decisions in recovery proceedings and also prevent clever lawyers from taking advantage of legal anomalies.
V Sridhar Kolkata
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