SARFAESI Act Loan Recovery Procedure in India
SARFAESI loan recovery stages from NPA to auction and legal remedies
Under the **SARFAESI Act, 2002**, secured creditors may initiate recovery proceedings against secured assets without first obtaining a court order, subject to compliance with the statutory requirements. These include issuing a demand notice under **Section 13(2)** and following the prescribed procedure before taking measures under **Section 13(4)**.
Borrowers aggrieved by measures taken under Section 13(4) may approach the appropriate **Debt Recovery Tribunal (DRT)** under **Section 17**, generally within 45 days. An appeal against a DRT order may be filed before the **Debt Recovery Appellate Tribunal (DRAT)** under **Section 18**, subject to applicable limitation and statutory conditions.
For **DRT proceedings in Chennai, SARFAESI Act loan recovery disputes, bank possession notices, auction proceedings and debt recovery matters**, borrowers and other affected parties may seek legal guidance regarding their rights and available remedies.For matters before the Debt Recovery Tribunal Chennai, borrowers may seek legal guidance on bank loans, SARFAESI notices, secured asset possession and recovery proceedings.