Bombay High Court directs early disposal of matters under the SARFAESI Act

The Bombay High Court, deciding writ petition seeking early disposal of matters under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’), directed, inter alia, that applications filed under Section 14 of the SARFAESI Act should be disposed by within 30 days from the date of filing of the application. The Court observed, “It is needless to stress the importance of expeditious disposal of the applications under section 14 of the SARFAESI Act, as the pendency of a large number of applications hinders the recovery of bad loans, which has a significant impact on the financial health of the country.