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Panel Counsel for NBFCs, HFCs & MFIs

SARFAESI, DRT & IBC Panel Counsel
for NBFCs & Housing Finance Companies

Unified Chambers and Associates provides panel legal services to Non-Banking Financial Companies, Housing Finance Companies, and Microfinance Institutions for SARFAESI enforcement, DRT proceedings, and IBC CIRP filings across India. We advise on the intersection of RBI Scale Based Regulation and recovery strategy.

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Panel Services for NBFCs

Recovery Counsel Across All NBFC Loan Products

SARFAESI Enforcement for NBFCs

CERSAI registration review, Section 13(2) demand notices, Section 13(4) possession, Section 14 DM/CMM applications, e-auction, Section 17 DRT defence management.

DRT Original Applications

Section 19 RDDB Act filings for NBFCs qualifying as financial institutions. Interim attachment under Section 19(7). Recovery Certificate execution. DRAT appeals.

IBC Section 7 CIRP Petitions

CIRP filings before NCLT for NBFC financial creditors. CoC representation. Resolution plan evaluation. NCLAT appeals. Parallel multi-track strategy.

RBI SBR Compliance Advisory

Legal advice on NPA recognition timelines under SBR, provisioning triggers, ICA obligations for Upper Layer NBFCs, and recovery strategy aligned with RBI directions.

Summary Suits (CPC Order XXXVII)

For unsecured NBFC loans without DRT jurisdiction — summary suit before commercial/civil court with application for leave to defend and attachment before judgment.

NI Act 138 — Cheque Bounce

Prosecution of dishonoured cheques as part of NBFC loan recovery — demand notices, Magistrate complaints, Section 143A interim compensation, High Court revisions.

Regulatory Context

NBFC-Specific Recovery Challenges We Solve

Challenge
No pan-India field presence
How We Solve It
Unified Chambers covers all 39 DRTs and SARFAESI proceedings nationally from Delhi — without NBFCs needing to identify and manage local advocates in each city.
Challenge
SARFAESI eligibility gaps
How We Solve It
Many NBFCs have SARFAESI rights but are unsure of CERSAI registration requirements, the ₹100 crore asset threshold, and account-level eligibility. We conduct eligibility audits before initiating enforcement.
Challenge
Parallel RBI provisioning pressure
How We Solve It
As NPA accounts age through the provisioning stages (sub-standard → doubtful → loss), the pressure to show active recovery action increases. We ensure DRT/SARFAESI filings are made in time to support provisioning write-back.
Challenge
Borrower insolvency under IBC
How We Solve It
When a borrower files a voluntary CIRP petition or an operational creditor triggers IBC, NBFC financial creditors need to file Section 7 claims quickly to join the CoC. We file Section 7 applications within 48–72 hours of IBC admission notification.
NBFC Empanelment — FAQ

Common Questions from NBFC Legal & Compliance Teams

Are NBFCs entitled to use SARFAESI for loan recovery?

Yes. SARFAESI Act 2002 was amended to include NBFCs as "secured creditors" for the purpose of enforcement of security interests. NBFCs with asset size above ₹100 crore and loan accounts classified as NPA with security interest registered under CERSAI are entitled to initiate SARFAESI enforcement. Unified Chambers advises NBFCs on SARFAESI eligibility, CERSAI registration review, and full Section 13 enforcement.

How does the RBI Scale Based Regulation affect NBFC debt recovery strategy?

RBI's Scale Based Regulation (SBR) framework (effective October 2022) classifies NBFCs into four layers (NBFC-BL, NBFC-ML, NBFC-UL, and NBFC-NDSI). Upper Layer and Middle Layer NBFCs face enhanced NPA recognition norms, provisioning requirements, and recovery obligation disclosures. Unified Chambers advises on the legal recovery strategy consistent with SBR NPA reporting obligations and assists in timely OA filings to meet provisioning timelines.

Can housing finance companies use DRT for loan recovery?

Yes. Housing Finance Companies (HFCs) are "financial institutions" under the RDDB Act and are entitled to file Original Applications at DRT for recovery of housing loans above ₹20 lakhs. SARFAESI enforcement is also available to NHB-registered HFCs on registered mortgage security. Unified Chambers represents HFCs in both DRT and SARFAESI proceedings across India.

What is the empanelment process for an NBFC?

The process begins with an inquiry (email, WhatsApp, or the inquiry form below). We provide the firm profile package — enrollment certificates, academic credentials, GST and PAN, and matter experience overview. After a review call discussing your NBFC's NPA portfolio composition, preferred courts, and volume, an empanelment agreement is executed. First matter referrals can proceed immediately.

Do you handle NBFC borrower defaults where no SARFAESI security exists?

Yes. For unsecured NBFC loans (personal loans, business loans without mortgage security), recovery options are: DRT OA if the NBFC qualifies as a financial institution and the debt exceeds ₹20 lakhs, or summary suit under Order XXXVII CPC in the civil court. Unified Chambers handles both routes, including arbitration clauses where the loan agreement provides for arbitration.

Empanel Unified Chambers as Your NBFC's Recovery Panel Counsel

Submit your NBFC's empanelment inquiry. We respond within one business day with our profile package and a discussion on SARFAESI eligibility, DRT scope, and fee terms.

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Call: +91 84008 60008

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