Discuss in detail the salient features of Securitization, Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an important legislation in India that empowers banks and financial institutions to recover their non-performing assets (NPAs) by enforcing the security interest over the assets of defaulting borrowers. The Act provides a legal framework for the securitization and reconstruction of financial assets, and it enhances the ability of lenders to take effective measures for the recovery of their dues. Let's discuss the salient features of the SARFAESI Act:

1. Definition of Key Terms: The SARFAESI Act defines important terms such as secured creditor, borrower, financial asset, security interest, and debt recovery tribunal (DRT). These definitions provide clarity and ensure uniformity in the interpretation of the Act.

2. Enforcement of Security Interest: The Act empowers banks and financial institutions to enforce their security interest without the intervention of the court. It enables _________ _______ ______ __________ ___ _____.
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