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Valuation Under SARFAESI Act 2002

What Is Valuation Under SARFAESI Act? 

As per SARFAESI Act, 2002 and Rule 8(5) of Security Interest (Enforcement) Rules, 2002, before affecting sale of property, authorised officer is required to obtain valuation of property from an approved valuer.

 

According to this act, a few rules are stated to protect and retain the loan assigned by various banks. 

 

  • Under this act, the bank classifies the given account of the loan as an 'NPA' record about the RBI guidelines. 
  • It gives a demand notice to the borrowers to pay the entire under section 13(2). 
  • It deals with any of the objections of the borrower under section 13(3A). 
  • It states that taking the symbolic procession of the property for which the loan is assigned under section 13(4). 
  • It gives the right to take physical possession of the property and police assistance if there is any resistance to taking possession under section 14. 
  • It also gives the right to auction the property by the requirements of the SARFAESI 2002 act. 
  • Unless and until the bank is at fault while assigning the loan or creates any procedural discrepancy, the bank succeeds in recovering its dues under this act. 
  • This section is the revised plan of DRT which gives the biggest question to regular DRT users as they don't find it as appealing to use these as DRTs.

 

Many are adhered to using this act for variations as they are the revised versions. However, the SARFAESI act doesn't provide that appealing results when compared to the traditional approach. But, it has its way to amuse the current trend of valuation. 

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