Paper Title
An Evaluation of The Effectiveness of The Remedies Available To Banks And Financial Institutions Under The SARFAESI Act Of 2002 And The Recovery Of Debt And Bankruptcy Act Of 1993
Article Identifiers
Authors
Damini M , Prateek Kumar Patel
Keywords
Key Words: SARFAESI Act, Banks, NPA, DRT, Debt, Loan, Advances
Abstract
Abstract The practice of Lending and borrowing has been done for millennia. A flourishing economy depends on a vibrant banking system. The issue of (NPA), which is harmful to the bank's capacity to sustain its financial position which exists in Indian banking. So, for banks and other financial organizations to expand and become more profitable, it is just as important to collect the past-due debt as it is to reuse that money for broader economic expansion. Due to the bank's inability to advance the case, which resulted in crores of rupees being trapped, the government was forced to create the Recovery of Debt and Bankruptcy Act of 1993 and the SARFAESI Act of 2002. There is no question that Banks are human and can make mistakes as well. The regulated process for collecting debts owed to banks and financial organizations has led to the freezing of a sizeable amount of their cash in underutilized assets, whose worth depreciates over time. The researchers in this research paper will be analyzing the remedies available to banks as well as the borrowers concerning the provisions of the SARFAESI Act and Recovery of Debt and bankruptcy Act 1993 and analyze the functioning of the DRT.
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How To Cite (APA)
Damini M & Prateek Kumar Patel (September-2023). An Evaluation of The Effectiveness of The Remedies Available To Banks And Financial Institutions Under The SARFAESI Act Of 2002 And The Recovery Of Debt And Bankruptcy Act Of 1993. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(9), b1-b14. https://ijnrd.org/papers/IJNRD2309101.pdf
Issue
Volume 8 Issue 9, September-2023
Pages : b1-b14
Other Publication Details
Paper Reg. ID: IJNRD_205069
Published Paper Id: IJNRD2309101
Downloads: 000121982
Research Area: Social Science and HumanitiesÂ
Country: Bangalore , Karnataka , India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2309101.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2309101
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