Sarfaesi
Govt considers changing SARFAESI, DRT; to provide legal weight to e-notices
To speed up the debt recovery process, the Finance Ministry has set up a panel to suggest amendments to the SARFAESI and DRT Acts, including a provision for granting legal sanctity to e-notices to debtors, sources said. The committee headed by an Additional Secretary held several meetings, and discussions are in the advanced stage in this regard, sources told PTI. Last month, the Finance Ministry held extensive deliberations with the top brass of banks and Debt Recovery Tribunals (DRTs) to enhance the efficacy of DRTs for expeditious recovery of debts. "We have formed a committee led by the Additional Secretary to decide on relevant amendments. The aim is to make the debt recovery process less tedious and more effective. We are also planning to introduce a provision to provide legal sanctity to e-notices. "So that an SMS and e-mails sent by banks can be considered as notice. This will help in fast-tracking the recovery of debt," sources said. The Debt Recovery Tribunals (DRTs) Act
 "Govt considers changing SARFAESI, DRT; to provide legal weight to e-notices")
Realisation through IBC 201% of liquidation value as of Sept: RBI
SARFAESI and Debt Recovery Tribunals have yielded recovery rates comparable to the IBC mechanism, says Trend and Progress Report
 "Realisation through IBC 201% of liquidation value as of Sept: RBI")
Resolution to streamline SARFAESI Act adopted in Nagaland Assembly
The resolution seeks to limit the auction of confiscated properties of borrowers in Nagaland to locals
 "Resolution to streamline SARFAESI Act adopted in Nagaland Assembly")
Finance Ministry note on changes in Sarfaesi law
There are amendments to the relevant laws to help banks recover dues faster in wilful defaults
 "Finance Ministry note on changes in Sarfaesi law")
