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The Securitization, Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is an important legislation enacted in India with the primary objective of empowering banks and financial institutions to recover their non-performing assets in a speedy and effective manner. Before the enactment of this law, recovery of loans was a long and complicated process that depended mainly on civil courts, which resulted in huge delays and mounting bad debts. The Act was introduced to strengthen the financial system by providing legal mechanisms for enforcement of security interests without the intervention of courts in normal circumstances. One of the most significant features of the Act is that it allows banks and financial ______ ___ ________ _______ _____.
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