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What assets are covered under SARFAESI?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Urmil asked about 2 years ago

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 megha answered about 2 years ago

Hello, The Sarfaesi act covers any asset, movable or immovable, given as security whether by way of mortgage, hypothecation or creation of a security interest. There are some exceptions in the act such as personal belongings. However, only that property given as security can be proceeded under the provisions of SARFAESI Act. If the property of the borrower is his own mortgaged residential house, it is also NOT exempted from the Sarfaesi act.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered about 2 years ago

Hi.. > What assets are covered under SARFAESI? --**The Act stipulates four conditions for enforcing the rights by a creditor**. -The debt is secured The debt has been classified as an NPA by the banks -The outstanding dues are one lakh and above and more than 20% of the principal loan amount and interest there on. -The security to be enforced is not an Agricultural land. -The Sarfaesi act covers any asset, movable or immovable, given as security whether by way of mortgage, hypothecation or creation of a security interest. There are some exceptions in the act such as personal belongings. However, only that property given as security can be proceeded under the provisions of SARFAESI Act. If the property of the borrower is his own mortgaged residential house, it is also NOT exempted from the Sarfaesi act.

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Open uri20170510 32134 1c996lj?1494421732 Anil answered about 2 years ago

Hii, the assets are covered under SARFAESI is briefly mentioned here . i.e Any asset, movable or immovable, given as security whether by way of mortgage, hypothecation or creation of a security interest in any other form except those excluded u/s 31 of the Act.So this is the major assets are covered under SARFAESI. Please check this...

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