Securitisation Act 2002 - Hanging sword on hapless borrowers

its going to hurt the poor the most , who is trying to set up business with all the efforts and life time capital. moreover there is ample scope for misusing the act powers because the balance of equity is not considered in this act.

you are absolutely right arti and moreover , there they make only part of the act work . just grab the good properties for auction at very low rates .

the act is good . but the implementation is extremely bad. it does not give room for justice for good borrowers

This Act is against the Commen Public Interest, and should be scrapped, completely, as soon as possible, as far as India is concerned.

Any Act or Law which is, or may be, Not in the Commen Public Interest may be called Unconstitutional. And hence, can, rightly, be challenged in the Court of Law , by any public representative, or anybody in the public interest, on behalf of the public, to be declared Null & Void.

This can be brought to the notice of the Judiciary, under Article 226 of the Indian Constitution before the State High Courts as a public writ petition, and also under Article 32 of the Constitution before the Supreme Court of India as a Public Interest Litigation ( PIL ).

And if it can be, and it should be proved before the concerned Courts that this or certain Law/Act is, infact, against the commen public interest, this may be scrapped, declared unconstitutional, and therefore null & void.

And, as far as this Act is concerned , there are very good chances in favour of the Public !

Thanks & Regards. 

It is true and I support the view. It is also in the case of credit rating done by Credit Information Bureaus/company on the inflated and false accounts and reports thereon of Banks and Financial Institutions made behind the credit card holders and borrowers. Those laws are not certainly for honest commom people but for those third rate anti-social banking and finacial companies and their criminal recovery agents, if said in beautiful terms. Certainly those Acts are made to exploit hapless victims. Even now those big defaulters go scot free

This Act is a draconinan law, giving widespread powers to Securitisation companies in the name of recovering public dues. These Securitisation cpmaoneis are not often than not are private companies to make money at the cost of closing down even running units. This Act should be scrapped in the interest of Industrial progress of the nation.