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The SARFAESI Act, 2002 aims to manage securitization and reconstruction of monetary assets and enforcement of interest and to supply for a Central database of security interests created on property rights and for connected matters therewith. The Act has simplified the recovery procedure for banks and specified financial institutions for recovery of secured debts from borrowers without intervention of Courts at the primary stage. Borrowers can file applications within the Debts Recovery Tribunals (DRTs) against action taken for enforcement of interest under this Act, with the appellate jurisdiction for such applications lying with the Debts Recovery Appellate Tribunals (DRATs).The Act is applicable to cases where interest for securing repayment of any financial asset is quite Rs.1 lakh and therefore the amount due is 20% or more of the principal amount and interest thereon. The Act isn't applicable to any interest created in agricultural landand certain properties not susceptible to attachment under some specified Acts.