Question

Write Short Notes on Cancellation of Certificate of Registration under Securitization Act, 2002.

Answer 1

The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law. It allows banks and other financial institution to auction residential or commercial properties(of Defaulter) to recover loans. The first asset reconstruction company (ARC) of India, ARCIL, was set up under this act