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JC - Legal Updates - Debt recovery under SARFAESI Act extended to Housing Finance Companies

Legal Updates

23 Jun 2021

Debt recovery under SARFAESI Act extended to Housing Finance Companies

Housing Finance Companies (“HFCs”) which meet the following requirements are now recognized as ‘financial institutions’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (as amended) (“SARFAESI Act”):

(a) registered under sub section (5) of Section 29 of the National Housing Bank Act, 1987; and

(b) having assets worth INR 1 billion. 

This notification paves the way to encourage HFCs to engage in lending transactions on the understanding that recovery of dues owed to them shall be guided by the provisions of the SARFAESI Act.


For any further information, please contact Mr. Saurabh Sharma (saurabh.sharma@jclex.com) or Mr. Ankit Sinha (ankit.sinha@jclex.com).