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Debt is something most of us dread. Worse than that is being put in a situation where debt collectors start bombarding you with long threatening and intimidating calls, emails and mails. It is humiliating, disheartening, frustrating and frightening to hear how your salary will be garnished, how your assets might be sold off and how your friends, neighbors, landlord, prospective creditors, employers, colleagues at work and other people will be told about your inability to pay your debts.
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This is a brief discussion of the origins and functioning of the indian credit recovery infrastructure. India's 1985 sica act put in place a debtor friendly regime in which defaulting borrowers could delay resolution for long periods of time and strip assets of value. The debt recovery tribunals in the 1990s attempt to create a more creditor friendly regime but their effectiveness is limited by restrictions on their scope. The sarfaesi act, enacted in 2002, permits seizure of secured assets and has been the most effective means of recovery.
