"The Objective of SARFAESI Act and the Insolvency and Bankruptcy Code, 2016 are altogether different and cannot be interchangeable." Examine the statement highlighting the prime objects of both Acts.

The SARFAESI Act, 2002 has empowered the Banks and Financial Institutions with vast power to enforce the securities charged to them and the purpose of this Act is to enable and empower the secured creditors to take possession of their securities and to deal with them without the intervention of the court. One of the objectives of SARFAESI Act is to provide a mechanism for banks and other financial institutions to recover secured assets. On the other hand, the purpose of Insolvency & Bankruptcy Code, 2016 is to offer a market-directed, time-bound mechanism to resolve insolvency and run the corporate debtor as a going concern, wherever possible, or exit, where required. The IBC deals with the reorganization and insolvency resolution of corporate debtors (CDs), partnership firms, and even individuals. The IBC also provides an exit mechanism for a corporate person that has not defaulted, through a voluntary liquidation process. The Insolvency and Bankruptcy Code lays down the following key objectives: To consolidate and amend the laws relating to re-organisation and insolvency resolution of corporate persons, partnership firms and individuals to provide for a time bound insolvency resolution mechanism. To ensure maximisation of value of assets. To promote entrepreneurship, To increase availability of credit. To balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues, and To establish an Insolvency and Bankruptcy Board of India as a regulator' body, To provide procedure for connected and incidental matters. Therefore, the statement given in the question is correct in the light of the objectives of both the SARFAESI Act, 2002 and the IBC, 2016 which are altogether different and cannot be interchangeable.