SUPREME COURT REAFFIRMS LIMITS OF SARFAESI ACT, 2002 IN NAGALAND
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 Inapplicable in Nagaland Prior To 2021 Adoption: Supreme Court Dismisses Secured Creditor’s Appeal. In a significant ruling on Tuesday, December 16th - clarifying the territorial applicability of central financial recovery legislation and the essential requirements for enforcement of security interests, the Supreme Court of India held that proceedings initiated under the “Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002” (“SARFAESI Act”) in Nagaland prior to its formal adoption in 2021 were without jurisdiction.