Foreclosure India Blog

Dhir & Dhir acts on first management take-over under SARFAESI
Posted in News on Nov 18, 2017

Amid all the hype and popularity of taking over the management of the affairs of the Corporate Debtor under the Insolvency And Bankruptcy Code, 2016 (IBC), a NAVRATNA enterprise has become the first company in India to take over management of a debtor under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI).

PSU banks wrote off Rs2.49 trillion of loans in 5 years: Finance ministry
Posted in News on Nov 18, 2017

As many as 27 public sector banks, including SBI and its five associates, in 2016-17 have written off Rs81,683 crore, 41% higher than the previous fiscal

Advantages of buying properties through Bank Auction
Posted in Articles on Nov 18, 2017

Here are just a few of the reasons that homeowners and investors are going to the Bank Auctions / foreclosure market.

SC upholds changes in Sarfaesi Act; banks free to decide NPAs
Posted in News on Oct 28, 2017

Dismissing appeals filed by around 60 companies, the Supreme Court on Wednesday upheld the amendment to the Securitisation Act that gave power to every financial institution to decide a period after which a bad loan can be declared as a non-performing asset (NPA). Before the 2004 amendment to the Securitisation Act and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (Sarfaesi Act), RBI was the regulator for the banking, non-banking and securitisation institutions for deciding the period after which loans could be treated as NPA. Till 2004, RBI had set the NPA period for banks at 90 days and at 180 days for NBFCs.

Amendment in SARFAESI Act on NPA constitutionally valid: Supreme Court
Posted in Articles on Oct 28, 2017

NEW DELHI: Supreme Court today upheld the constitutional validity of an amendment in the provision of the securitisation law which authorises the creditor to classify the account of a borrower as Non Performing Assets (NPA) in accordance with RBI guidelines and directions. The apex court passed the judgement while dealing with the amended definition of the expression ‘NPA’ under Section 2(1)(o) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002.

Checklist for action under SARFAESI Act
Posted in Articles on Oct 28, 2017

Sri C P S Rama Chary garu, Practiced law in City Civil Courts, Industrial Tribunal & High Court of AP for about 9 1/2 years. Served in Law Department of Andhra Bank for about 23 years. Retired Presiding Officer ( DRT3 at Chennai ). Sl.N. STAGE WISE ACTION SUGGESTION/ADVISE 1 Sarfaesi Act poroceeds on the basis that borrower created security interest in favour of bank and his liability stood crystalised on account of his default and his account is classified as NPA Sec.13(2): Where any borrower, who is under a liability to a secured creditor under a security agreement, makes any defau...

Quick loan recovery hope for NBFCs
Posted in News on Oct 28, 2017

Calcutta, March 8: Non-bank finance companies (NBFCs) have welcomed the Centre’s decision to allow access to the Sarfaesi Act, which facilitates the recovery of non-performing assets without court intervention. Sarfaesi, or the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, enables banks to expedite recovery and improve credit behaviour. The NBFCs registered with the RBI and having an asset size of Rs 500 crore and above (considered as systemically important) will be eligible to access the provisions of the act.

Indian Foreclosures / Bank Auctions activity is transparent and emerging – Canara Bank’s new Trend in resolving NPA’s with Mega e auctions
Posted in Updates on Oct 28, 2017

Foreclosureindia.com was established in 2009 and it is a market place for Foreclosure / Bank Auction listings in India and also providing e-Auction services to 18 Banks, i.e. Central Bank of India, UBI, OBC, Lakshmi Vilas Bank, State Bank of Hyderabad, IDBI Bank, Corporation Bank, IOB, Karnataka Bank, ING Vysya Bank, CUB, Religare ARC, IARC etc. for selling non-performing assets though BankAuctions.IN.

Rs 1.14 lakh crore of bad debts: The great government bank write-off.
Posted in News on Oct 28, 2017

That is the amount of bad loans waived in last three financial years, more than the write-off in the previous nine. Twenty-nine state-owned banks wrote off a total of Rs 1.14 lakh crore of bad debts between financial years 2013 and 2015, much more than they had done in the preceding nine years

Bad loans: 5 things Rs 1.14 lakh crore can do to get India shining
Posted in News on Oct 28, 2017

India’s 29 state-owned banks have written off a total of Rs 1.14 lakh crore between 2012-13 and 2014-15, a sum large enough to build more than 10,000 km of highways. The Indian Express reported on Monday that “twenty-nine state-owned banks wrote off a total of Rs 1.14 lakh crore of bad debts between financial years 2013 and 2015, much more than they had done in the preceding nine years.”