The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

The above Act is popularly called as SARFEASI Act, 2002. It empowers the banking institutions to recover their debts easily without approaching any court of law. A notice under Sec. 13 (2) of the Act. The reply has to be considered and orders have to be passed by the authorised officer of the Bank. Then steps can be initiated for taking possession and the property can be brought up for sale.
Any person aggrieved by the said action of the financial institution has to approach the Debt Recovery Tribunal. The prescribed fees have to be paid for filing an appeal. An appeal is also provided against the decision of the DRT. No writ petition will against the said orders.