SARFAESI Act
Regulation & taxAlso called: SARFAESI
The law allowing banks and notified financial institutions to enforce a security interest — taking possession of and selling a charged asset — without going to court, once the account is non-performing.
In plain terms
No judge, no hearing, and a sequence of notices instead. Each notice is a deadline for the borrower and a requirement on the lender, and a step done badly is the ground on which the whole exercise is set aside.