Comments on SARFAESI Act - Is it an infringement in to human and constitutional rights?

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Sanjiv

Sanjiv

Wrote on 17 October 2015  

Extremely a good Article – Yes I do agree to the entire article as mentioned, SARFAESI Act it self is a Draconian Law / Act for the citizens of India and it does violate the basics of the Indian Constitution and the principles of natural justice. Further I would like to mention that the SARFAESI Act should have been made in Two different Parts – One for the Commercial Activity purpose (ex. Industries & Business Establishment) and the other for the Domestic Housing purpose. Business Establishment Loan and Housing Loans are two different types of Cases – But presently the DRT / Court treats as same / equally for a Housing Loan Offender and a Business Loan offender - and which is not correct. Further I would also like to mention that a Bank makes a notification to CIBIL for a particular Bad Debt Asset as Non Performing Asset (NPA), but however when the Individual / Business establishment owner makes the final repayment or settlement of the outstanding amount for the Non Performing Asset, it is seen mostly that the Individual or the Business Establishment had paid off more than the actual amount had the Individual / Business establishment would have paid under the normal circumstances OR in other words the Bank or the NBFC normally recovers exorbitant amount from the owner/s of a Non Performing Asset (NPA). Here my contention is – when a Bank does not receive a regular payment from a particular Asset, then the Bank immediately says it is a Bad Asset or Non Performing Asset (NPA), Then when the Bank makes an extra / super Profitable recovery from a Non Performing Asset (NPA) then in such case the Bank should give a written Certificate to the said Asset Owner & CIBIL, stating that the said Non Performing Asset (NPA) is now a super profitable Asset since the Bank has made extra profit. (This will be now called a pure equality of Law & Justice). I Hope (one Day) to file a PIL against the SARFAESI Act and the definition & system & process of Non Performing Asset (NPA). Whoever has formulated the SARFAESI Act has lesser understanding on the Indian Constitution and the principles of natural justice. I do agree with Ex-Chief Justice Markandey Katju, (in his recent Television Interview - Oct/Nov 2015) where he said most of the High Court and the Supreme Court Judges (not all) do not have the proper Knowledge that is suppose to have. He also further mentioned that 90% of Indians are Idiots and I am sure this includes some Lawmakers and people from Judiciary, and till date there is no action against Justice Markandey Katju, which means we the people of India has accepted to his statement. Some may not agree to my above comments and some may agree to it partially or in complete. It is just a matter of an attitude and thinking and how much you have the feel of responsibility towards the Country and its People, Lastly I will remind which every body know that the constitution of India was made by the people for the people. Jai Hind.



jayaselan j k

jayaselan j k

Wrote on 15 October 2015  

Fine...fine. ....



jayaselan j k

jayaselan j k

Wrote on 15 October 2015  

Good work..



Vijay

Vijay

Wrote on 12 October 2015  

Excellent article. Can we get more insights in rbi revised guidelines for declaring NPAs.



tsramani

tsramani

Wrote on 11 October 2015  

If you are also a small investor in hindsight you will understand Who demolished a shaky kingfisher Airlines, a greedy and foolish Employee's strike.



c.p.s. ramachary

c.p.s. ramachary

Wrote on 08 October 2015  

Please expedite to delete the repeatition of the reply.



c.p.s. ramachary

c.p.s. ramachary

Wrote on 08 October 2015  

I request the computer departrment of this forum to cheque on proper working of the computer and avoid repeatation of reply



c.p.s. ramachary

c.p.s. ramachary

Wrote on 07 October 2015  

I agree with you that, some banks are harrassing innocent borrowers. In fact borrowers have to acquire sufficient knowledge about the concept of RBI Norms on asset classification and SARFAESI Act and the Rules under the Act. Regards Ramachar CPS



c.p.s. ramachary

c.p.s. ramachary

Wrote on 07 October 2015  

I agree with you that, some banks are harrassing innocent borrowers. In fact borrowers have to acquire sufficient knowledge about the concept of RBI Norms on asset classification and SARFAESI Act and the Rules under the Act. Regards Ramachar CPS



c.p.s. ramachary

c.p.s. ramachary

Wrote on 07 October 2015  

I agree with you that, some banks are harrassing innocent borrowers. In fact borrowers have to acquire sufficient knowledge about the concept of RBI Norms on asset classification and SARFAESI Act and the Rules under the Act. Regards Ramachar CPS


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