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Sarfaesi powers to nbfc notification

(Querist) 08 September 2016 This query is : Resolved 
Recent RBI 5 aug 16 notification has given sarfaesi powers to nbfc , my loan against property case is in arbitration by a nbfc and agreement was signed in 2014 .Will these sarfaesi powers newly assigned to nbfc be applied retrospectively or from date of notification. Will my property loan taken in 2014 be now be recovered under sarfesi act ? .Also pl note that its already under arbitration process. Pl give your expert opinion.
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R.K Nanda (Expert) 08 September 2016
Read said notification .
Kumar Doab (Expert) 08 September 2016
The notification may be referred to.
Rajendra K Goyal (Expert) 08 September 2016
The NBFC may withdraw arbitration proceedings and /or can proceed under SARFAESI Act.
Devajyoti Barman (Expert) 08 September 2016
Both arbitration and SARFAESI proceeding can proceed in parallel. There is no hindrance.
Raj Kumar Makkad (Expert) 08 September 2016
as per notification, its application is prospective, however, the opinion of Devjyoti is correct.

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