Question

Professional competence

Shivendra Pratap Singh

Advocate

High Court Lucknow

SARFAESI

Reading Time:

Advised on 4 Feb, 2023

Professional competence refers to the possession of the necessary knowledge, skills, and abilities to perform a job or function effectively and efficiently. In the context of the SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, professional competence is an essential qualification for a receiver appointed by a bank or financial institution to manage secured assets.

The receiver must have the necessary knowledge, experience, and expertise to carry out their duties effectively and in the best interests of the bank or financial institution. This may include experience in managing assets, real estate, or finance.

In conclusion, professional competence is an important factor in determining the suitability of a receiver under the SARFAESI Act. The receiver must have the necessary knowledge, skills, and experience to carry out their duties effectively and efficiently, and to ensure that the interests of the bank or financial institution and the borrower are protected.