FM introduces Bill to fast track recovery of bad loans
Key Provisions:-
- R.B.I to regulate asset reconstruction companies.
- Priority to secured creditors in repayment of debt
- Stamp duty exemption on loans taken over by ARCs from banks, FIs.
- Central registry of property rights.
- Online filing and uploading of rulings by DRTs
- Automatic transfer of assets by defendant by the DRT.
- Period of filing appeals cut down to 30 days.
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