Securitisation application

Ravi Shankar (Querist) 17 September 2012 This query is : Resolved
What is the purpose of Securitisation application and Original Application. Can any one differentiate between them?

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R.K Nanda (Expert) 17 September 2012
academic query.

Advocate M.Bhadra (Expert) 17 September 2012
If the lending bank file a recovery suit against the borrower it is called Original Application(O.A.),on the other hand if the borrower file an application u/sec.17(1)of the SARFEASI Act then it is called SARFEASI Application(S.A.).

K.K.Ganguly (Expert) 18 September 2012
When the lending Bank files an application before the DRT for recovery of outstanding amount from the borrower which has become NPA, such application filed as per Recovery of Dues Due to Banks & Financial Institutions Act is called Original Application or O.A.

When anybody aggrieved with the notice issued by the lending Bank to the borrower u/s 13(4) of SARFAESI Act,2002 files an application before the DRT, it is called SARFAESI Application or S.A.

So, in the case of O.A., the Bank is the Applicant & in case of S.A., the Bank is the Defendant.

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