A. INTRODUCTION
The Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 ("SARFAESI
Act") is an act "to regulate securitisation
and reconstruction of financial assets and enforcement of security
interest and to provide for a Central database of security
interests created on property rights, and for matters connected
herewith or incidental thereto". As per Section 13(2) of
the SARFAESI Act, where any borrower, who is under a liability to a
secured creditor makes any default in repayment of secured debt or
any instalment thereof, and his account in respect of such debt is
classified by the secured creditor as a non-performing asset, then
the secured creditor may require the borrower by notice in writing
to discharge in full his liabilities to the secured creditor within
60 (sixty) days from the date of the notice, failing which, the
secured creditor shall be entitled to exercise all or any of the
rights to take possession
