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SARFAESI Act is a law that allows Indian banks and financial institutions to sell or auction the assets/properties of credit defaulters without any intervention from the courts. Under the SARFAESI Act, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act”
SARFAESI Act is not applicable on Unsecured Loan .
The SARFAESI Act is not applicable for money/security that is issued under the India Contract Act or the Sale of Goods Act, 1930
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