If you are a borrower who has taken a secured loan from a bank or a financial institution, you may be aware of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). This act empowers the lenders to recover their dues by taking possession of the collateral property without the intervention of any court, in case of default by the borrower.
However, this does not mean that the borrower has no rights or remedies to defend himself …