PREVIOUS
Act | Abbreviation | Year | Objective |
RBDA | Recovery of Debt and Bankruptcy Act | 1993 | To establish Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions |
PMLA | Prevention of Money Laundering Act | 2002 | To prevent money-laundering and to provide for confiscation of property derived from money-laundering |
SARFAESI Act | The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act | 2002 | It allows banks and other financial institution to auction residential or commercial properties (of Defaulters) to recover loans |
Insolvency Code | The Insolvency and Bankruptcy Code | 2016 | It is also a bankruptcy law which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. |