KIIT Law School Organizes Webinar on Role of SARFAESI Act, 2002 in NPA Recovery
KSOL Centre for Studies in Business and Corporate Law (KCBCL), under the aegis of the Department of Business Law and Corporate Governance, conducted a webinar on the topic ‘Role of SARFAESI Act, 2002 in NPA Recovery’ via Google platform on 30th October, 2021. It was graced by Ms. Divya Singh Rathor, Assistant Professor, NLU Odisha. The webinar was initiated by Aporva Shekhar, Student Member (KCBCL) who introduced the speaker.
In her webinar talk, Ms. Divya Singh Rathor gave a general picture of the current scenario of Non-Performing Assets (NPA) and stated that both Public Sector as well as private banks are immensely burdened with it. The concept of NPA was enumerated and it was stated to be a direct strike on the profits of the bank and it having an overall pressure and impact on the economy as well. She projected the data of the current gross NPA for both Public and private Banks for better understanding of the participants. She gave a picture as to the legislations that pre-existed the SARFAESI Act, 2002 stating it to be more time consuming and inadequate and observing that the enactment of the SARFAESI Act was a very positive change in the domain of debt recovery which eased out the process for banks with no or minimal Court intervention.
The speaker proceeded to explain the concept of Asset Reconstruction companies and how they deal with bad loans and reduce the pressure of NPA from the bank. The essential ingredients to go for debt recovery under the SARFAESI Act were also stated. The speaker stated the phase of possession to be the most difficult in the process and shared her practical experience regarding the same.
Ms. Rathor concluded the session by giving her practical experiences in debt recovery under the SARFAESI Act and pointed out several loopholes which arise while practically executing the process of debt recovery. The questions were taken by the speaker in the Question and Answer round posed by the students and faculties which was facilitated by Professor Umang Ghildyal (Faculty Member, KCBCL).
The Session was concluded by a vote of thanks delivered by Prof. Mr. Umang Ghildyal, Assistant Professor and Faculty Member, KCBCL. Debdatta Mukhopadhyay (Student Member, KCBCL) acted as Rapporteur for the session. As many as 96 participants joined the webinar via Google platform.