'NPAs Are a Huge Burden on Public Exchequer, DMs Can't Delay Process Under SARFAESI Act': Punjab & Haryana High Court

Taking serious note of increasing Non-Performing Assets (NPAs) and their adverse effect on public financial institutions, the Punjab and Haryana High Court has issued strong directions emphasizing the mandatory and time-bound implementation of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The Court noted that failure by District Magistrates and Revenue Authorities to act promptly in such cases frustrates…