Tehsildars instructed to settle loan related cases with banks

Nawanshahr, June 20

A meeting aimed at streamlining the resolution of pending cases under the SARFAESI Act (2002) was convened under the chairmanship of Additional Deputy Commissioner (General) Rajiv Verma.

What is SARFAESI Act, 2002?

The SARFAESI Act stands for the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. It is a legal framework enacted by the Indian government to tackle non-performing assets (NPAs) and facilitate asset reconstruction. The act empowers banks and financial institutions to take action against defaulting borrowers and recover their dues.

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Tehsildars from Nawanshahr, Banga and Balachaur, along with District Revenue Officer Mandeep Singh Mann and nodal officers were present to discuss and formulate strategies for the settlement process.

During the session, specific directives were issued to the tehsildars to formulate a definitive schedule for settling pending cases. It was emphasised that Tehsildar Nawanshahr and Balachaur in coordination with Banga tehsildar were required to notify respective banks by June 21 about the proposed dates for submission, set as June 25. The step aims to ensure timely processing of pending cases.

The ADC (General) underscored the importance of reaching mutual agreements between involved parties. In cases where consensus cannot be reached, it was instructed to proceed with occupation after seeking necessary assistance. The settlement deadline for pending cases, set at July 10, was also to be strictly adhered to, as reiterated in the meeting.

The proactive approach is aimed at expediting the settlement of pending cases under the SARFAESI Act 2002, thereby facilitating efficient administration and resolution of land-related matters in the district.