Cross-Border Harmonization Of Asset Recovery Laws: A Comparative Analysis Of India's SARFAESI Act 2002 With International Legal Frameworks For NPA Resolution

— Assessing the advancements in cross-border asset recovery legislation This article examines the India SARFAESI Act 2002 in relation to international frameworks addressing nonperforming assets. It examines the obstacles India encounters in asset recovery and suggests changes based on exemplary methods from countries such as Sweden and Malaysia. The paper asserts that India's legal and regulatory framework must align with global norms to enhance efficiency and equity in debt collection methods. Key proposals include fortifying the SARFAESI Act via internationally validated techniques; implementing hybrid strategies that combine creditor-led restructuring with centralized resolution; and enhancing corporate governance to improve openness and accountability in financial operations. These initiatives are anticipated to reduce NPAs, enhance debt collection rates, and contribute to financial stability. The results demonstrate how unified laws might enhance the global competitiveness and resilience of the Indian banking sector in addressing persistent asset recovery difficulties.