The primary modus of debt recovery by ‘Secured-Creditors’, in the jurisdiction of India, is subject to the legislative impetus of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002), with the alternative/resultant: initially direct (for secured-creditors) /appellate (for borrowers), recourse of Debt Recovery Tribunals and Debt Recovery Appellate Tribunals-prescribed by Sections 17[i] and 18[ii] of the SARFAESI Act [originally stipulated by the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDBFI Act, 1993) and the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993)], and the ultimate recourse of the Insolvency and Bankruptcy Code-(IBC, 2016).
[i] The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, s 17
[ii] The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, s 18
