...........The Sarfaesi Act was a remedy brought out by the government of India to sort the menace of non-performing assets (NPAs). Its constitutional validity was upheld by the Supreme Court. The Act can be invoked when an account becomes an NPA according to the norms set by the Reserve Bank of India (RBI). Banks only endeavour to recover NPAs (bad loans) and there can’t be any discrimination among their borrowers. However, if borrowers are wilful defaulters, banks ensure that their names are included in RBI’s wilful-defaulters list to ensure that such borrowers are not able to avail of further credit facilities from banks.......
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