ARCs urge Indian government to accelerate debt recovery via DRTs and SARFAESI
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- Asset reconstruction companies in India have asked the government to intervene and speed up debt recovery through the Debt Recovery Tribunals and the SARFAESI mechanism, according to the Association of ARCs in India. They propose that interim stays should automatically lapse after two months unless the tribunal specifically extends them. The ARCs also recommend that DRTs avoid staying recovery proceedings without hearing both parties, give prior notice to secured creditors, and set appropriate pre‑deposit conditions before hearing appeals.
- The association further suggests that DRTs fill vacancies within 15 days of arising, use electronic services more in litigation, and rely on authenticated records kept by National E‑Governance Services Ltd as evidence of debt and default. The SARFAESI mechanism reportedly helped banks recover about ₹2.30 lakh crore during the 2021‑25 period.
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