Section 30D of the SARFAESI Act, 2002 equips the Reserve Bank with an arsenal of tools to collect penalties levied against ARCs and individuals who disobeyed its directives. Imagine it as the Bank's debt collection toolbox, filled with options to ensure those financial punches land and their sting is felt.
In essence, Section 30D empowers the Reserve Bank to act as a debt-collection powerhouse. It gives them the tools to collect penalties while offering safeguards to prevent unfair targeting of debtors. The result? A system that promotes responsible behavior and ensures everyone plays by the rules within the realm of debt recovery
Greater Noida Authority is scheduled to launch an e-auction of group home plots in June.
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The defaulter is unable to initiate criminal proceedings to halt SARFAESI proceedings on issues that can only be determined through DRT: Allahabad HC
After the civil court dismissed the recovery plea, the bank is unable to proceed against the borrower in accordance with SARFAESI: HC
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