SARFAESI Act 2002

An Assigned NBFC Loan Becomes a SARFAESI Debt the Moment a Bank Takes It Over, Supreme Court Holds

Three home and business borrowers argued that a debt born outside SARFAESI's reach cannot be dragged into it later just because a bank buys the loan. The Supreme Court disagreed, and the ruling reaches every residential flat standing behind an assigned NBFC mortgage.