SARFAESI Act Final Revision: The Whole Act in Three Pages

This closing note compresses the hundred-topic series into one sheet for the last read before the exam: the map of the Act, the enforcement lifecycle with every figure that matters, the amendments in order, and ten propositions that anchor any answer. Each line points back to the topic that treats it in full.

1. The Act at a Glance

Seven chapters, and where each is covered

Figure 1: Seven chapters, and where each is covered

2. The Enforcement Lifecycle

From NPA to outcome, with every key figure

Figure 2: From NPA to outcome, with every key figure

3. The Amendments in Order

2004. After Mardia: s.13(3A) hearing (one week), new s.17 without the 75% deposit, s.18 deposit of 50%, the J&K sections 17A and 18B (Topics 7, 65)
2013. In force 15 January 2013: reasons in 15 days, consortium consent cut to 60%, the s.14 affidavit, s.18C caveat, s.31A, debt into shares, s.9(1)(g) (Topic 65)
2016. In force from 1 September 2016 for most provisions: one asset reconstruction company, wider security interest and debt, redemption only until publication of the sale notice, s.14 time limit, s.17(4A) tenants; Chapter IVA enacted, in force later (Topic 71)
2020. Chapter IVA, including s.26E priority, in force from 24 January 2020; J&K sections omitted from 18 March 2020 (Topics 49, 93)

4. Ten Propositions

1. Valid, on terms. Upheld in Mardia (2004), with the s.17(2) deposit struck and a hearing read in.
2. Both routes. SARFAESI and the RDB Act run together (Transcore 2008)
3. The DRT is the forum. s.17 within 45 days, from symbolic possession onwards (Hindon Forge 2019); full review (Ashok Saw Mill 2009)
4. Writs are exceptional. Satyawati Tondon (2010); none against private lenders (Phoenix ARC 2022)
5. Safeguards are mandatory. 30 days' individual sale notice (Mathew Varghese 2014); written terms for private treaty (J. Rajiv Subramaniyan 2014)
6. Redemption is narrow. Full payment (Blue Coast 2018), before publication of the sale notice (Celir 2023)
7. Sales are final. Set aside only for fraud, collusion or underpricing (Celir 2024)
8. Tenants within limits. Protected if bona fide and prior (Kalsaria 2016, Bajarang 2019); s.17(4A)
9. IBC prevails. Moratorium bars action against the corporate debtor, not the guarantor (V. Ramakrishnan 2018)
10. Exclusions by fact. Agricultural land judged by actual use, borrower's burden (K. Sreedhar 2023)

⚠ Last-minute check

Five figures to carry into the hall: 60 days (s.13(2)), 15 days (s.13(3A)), 45 days (s.17), 30 days (s.18) and 60% (s.13(9)). Two dates: 15 January 2013 and 24 January 2020. One rule above all: a creditor who takes property without a court must follow every safeguard exactly, and the borrower's remedy lies before the DRT.

5. Related Topics

Topic 85: SARFAESI Time Limits. Every period in full.
Topics 88 and 89: Leading Cases Digests. Every case behind the ten propositions.