BANK AUCTION SALE OF PROPERTIES ARE INCREASING IN INDIA.
Banks, Debt Recovery Tribunals, State Finance corporations and Asset
Reconstruction companies are auctioning their Non performing assets, i.
e
housing properties, commercial properties and Industrial...
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BANK AUCTION SALE OF PROPERTIES ARE INCREASING IN INDIA.
Banks, Debt Recovery Tribunals, State Finance corporations and Asset
Reconstruction companies are auctioning their Non performing assets, i.
e
housing properties, commercial properties and Industrial properties under DRT
act 1993 and SARFAESI act 2002.
Bank Auction sale of such properties are
increasing in India.
The Debt Recovery Tribunals have been established by the Government of
India under an Act of Parliament (Act 51 of 1993) for expeditious adjudication
and recovery of debts due to banks and financial institutions and they are
auctioning some properties.
Subsequently With an aim to provide a structured
platform to the Banking sector for managing its mounting NPA stocks and keep
pace with international financial institutions, the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest
(SARFAESI) Act 2002 was put in place to allow banks and Financial Institutions
(FIs) to take possessio
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