Prohibited From Seizing Property Under the SARFAESI Act || Loans Below 20 Lakhs
Автор: Prudent TaXpert
Загружено: 2025-12-28
Просмотров: 54
Описание: In a significant ruling by the Calcutta High Court, the judiciary clarified that Non-Banking Financial Corporations (NBFCs) and housing finance companies cannot use the SARFAESI Act to seize property for loans totaling less than 20 lakh rupees. This decision is rooted in RBI notifications and the National Housing Bank Act, which establish a specific financial threshold that must be met before lenders can bypass traditional court proceedings to take possession of a home. The text emphasizes that for smaller debts, creditors must instead file a civil money recovery suit, ensuring that borrowers are not summarily evicted without standard legal protections. Ultimately, this source serves as a crucial legal awareness guide, teaching both advocates and homeowners that any recovery action taken without proper jurisdiction is null and void under Indian law.
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