Writ Petition By Borrowers Challenging SARFAESI Proceedings Initiated By Private Banks/ARCs Not Maintainable: Supreme Court
2 years, 11 months ago

Writ Petition By Borrowers Challenging SARFAESI Proceedings Initiated By Private Banks/ARCs Not Maintainable: Supreme Court

Live Law  

The Supreme Court observed that a writ petition challenging proceedings under SARFAESI Act initiated by private banks/Asset Reconstruction Companies is not maintainable. "If proceedings are initiated under the SARFAESI Act and/or any proposed action is to be taken and the borrower is aggrieved by any of the actions of the private bank/bank/ARC, borrower has to avail the remedy under the SARFAESI Act and no writ petition would lie and/or is maintainable and/or entertainable. The ARCs contended that the writ petitions against the private party – ARC and that too against the communication proposing to take action under the SARFAESI Act would not be maintainable at all, and, therefore, the High Court ought not to have entertained such writ petitions and ought not to have granted the interim protection to the borrower. Agreeing with the contention raised by the ARC, the Apex Court bench observed thus: 12.It is required to be noted that a writ petition against the private financial institution – ARC – appellant herein under Article 226 of the Constitution of India against the proposed action/actions under Section 13 of the SARFAESI Act can be said to be not maintainable.

Supreme Court Court Writ State High Proceedings Act Private Borrowers Arc Petition Borrower Sarfaesi Act Sarfaesi Initiated Maintainable Private Banks  act  petition  maintainable  arc  private  challenging  borrowers  borrower  initiated  court  writ  sarfaesi  high  andor  supreme  proceedings

History of this topic

Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai
1 month ago

Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Mr. Charanjeet Singh Gulati and Justice Lakshmi Gurung has held that once a petition under section 95 of the IBC is filed, the interim moratorium under section 96 is triggered. Brief Facts This application has been filed by, Raghavendra Joshi under Section 60 r/w Section 60 of the Insolvency and Bankruptcy Code, 2016 read with …

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings
1 month, 1 week ago

Supreme Court Stays Commercial Suit Proceedings Against Aditya Birla Finance Over SARFAESI Proceedings

Live Law  

The Supreme Court recently issued notice on a special leave petition filed by Aditya Birla Finance Ltd against a judgment of the Bombay High Court which held that a commercial suit won't be barred by Section 34 of the SARFAESI Act when there are allegations of fraud. A Special Leave Petition was filed before the Supreme Court by Aditya Birla …

Supreme Court Refuses To Entertain Petition Challenging SARFAESI Condition Of Pre-deposit To Appeal Before DRAT
5 months, 3 weeks ago

Supreme Court Refuses To Entertain Petition Challenging SARFAESI Condition Of Pre-deposit To Appeal Before DRAT

Live Law  

The Supreme Court on Wednesday declined to issue notice in a petition filed by a Company Director challenging the validity of the condition of 50% pre-deposit for an appeal to DRAT under S. 18 of the SARFAESI Act. The main contention of the petitioner was that the provisos to the S. 18 impose the condition of depositing either 50% of …

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution
6 months, 1 week ago

Madras High Court: Every Claim Of Operational Creditors Includes Right To Their Property Under Article 300A Of The Constitution

Live Law  

The Madras High Court comprising of Justice N. Seshasayee held that every claim by operational creditors involves a right to their property under Article 300A of the Constitution of India. Observations by the High Court: The Madras High Court dismissed the writ petition and highlighted a key point that every claim by operational creditors involves a right to their property …

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC
7 months, 4 weeks ago

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC

Live Law  

The Punjab & Haryana High Court has made it clear that the District Magistrate under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is only an executing functionary and not empowered to make any adjudication on the application made by the creditors for taking possession of the secured assets.Observing. The Punjab …

Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court
8 months ago

Defaulter Can't Initiate Criminal Proceedings Against Creditor/Auction Purchaser Against Auction Held Under SARFAESI Act, Must Go To DRT: Allahabad High Court

Live Law  

While quashing criminal proceedings against officers of M/s Himri Estate Private Limited and Indiabulls Housing Finance Ltd. initiated by Shipra Group, the Allahabad High Court held that defaulter cannot initiate criminal proceedings against creditor/auction purchaser against the auction conducted under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Criminal proceedings cannot be …

Easy Access To Justice A Facet Of Right To Life: J&K High Court Allows SARFAESI Actions To Be Challenged Under Article 226 Till Local DRTs Are Established
8 months, 1 week ago

Easy Access To Justice A Facet Of Right To Life: J&K High Court Allows SARFAESI Actions To Be Challenged Under Article 226 Till Local DRTs Are Established

Live Law  

The Jammu and Kashmir High Court, has ruled that the absence of Debt Recovery Tribunals within the Union Territories of Jammu and Kashmir and Ladakh violates the fundamental right to easy access to justice enshrined in Article 21 of the Constitution. “.We would hold that this Court would have jurisdiction to entertain petitions under Article 226 of the Constitution of …

When Can High Courts Entertain Writ Petition Under Article 226 Despite Existence Of Statutory Remedies? Supreme Court Explains
8 months, 1 week ago

When Can High Courts Entertain Writ Petition Under Article 226 Despite Existence Of Statutory Remedies? Supreme Court Explains

Live Law  

Observing that the High Court should exercise due care and caution while entertaining the petitions under Article 226 of the constitution even when there exists an alternative statutory remedy, the Supreme Court on Wednesday deprecated the High Court's interference in the auction sale proceedings completed by the Bank at the instance of the borrower despite having statutory remedy. Observing that …

SARFAESI Act | Right Of Redemption Cannot Be Taken Away By Insufficient Notice: Allahabad High Court
11 months, 1 week ago

SARFAESI Act | Right Of Redemption Cannot Be Taken Away By Insufficient Notice: Allahabad High Court

Live Law  

The Allahabad High Court has held that right of redemption under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is an important right which cannot be taken away or breached by the authorities by insufficient notice. While observing that it is settled law that service of notice upon the borrower is mandatory under Rule …

SARFAESI Act | As per Unamended S.13(8), Borrower Has Right To Redeem Available Till Sale Certificate Is Registered & Possession Is Handed Over : Supreme Court
1 year, 2 months ago

SARFAESI Act | As per Unamended S.13(8), Borrower Has Right To Redeem Available Till Sale Certificate Is Registered & Possession Is Handed Over : Supreme Court

Live Law  

The Supreme Court, while deciding an appeal, settled the issue of right of redemption of a mortgaged property by a borrower under the unamended Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. The Bench comprising of Justices Vikram Nath and Rajesh Bindal clearly held that as per the unamended Section 13 …

S.34 SARFAESI Act | Civil Court's Jurisdiction Not Ousted When Remedy Cannot Be Effectively Addressed By Tribunal: Madras High Court
1 year, 2 months ago

S.34 SARFAESI Act | Civil Court's Jurisdiction Not Ousted When Remedy Cannot Be Effectively Addressed By Tribunal: Madras High Court

Live Law  

While dismissing an application filed under Section 34 of the SARFAESI Act to reject a plaint on the ground that the court's jurisdiction was ousted, the Madras High Court observed that the civil court's jurisdiction is not ousted when the remedy sought cannot be effectively addressed by the Tribunal. Though the bank had challenged the suit claiming that the court’s …

S.34 SARFAESI Act Bars Grant Of Injunction By Civil Court For Actions Taken Under The Act: Jammu & Kashmir High Court
1 year, 4 months ago

S.34 SARFAESI Act Bars Grant Of Injunction By Civil Court For Actions Taken Under The Act: Jammu & Kashmir High Court

Live Law  

The Jammu and Kashmir High Court has ruled that no injunction shall be granted by any court in respect of any action taken or to be taken in pursuance of any power conferred under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The case before the court involved a plaintiff who had filed a …

S.17 SARFAESI Act | Recovery Action May Have Disastrous Consequences For Borrower, DRT Must Pass Interim Order Upon Application Of Mind: Kerala HC
1 year, 6 months ago

S.17 SARFAESI Act | Recovery Action May Have Disastrous Consequences For Borrower, DRT Must Pass Interim Order Upon Application Of Mind: Kerala HC

Live Law  

The Kerala High Court recently held that interim orders passed by the Debts Recovery Tribunal under 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 cannot be issued mechanically and without application of mind. On Maintainability The Court held that in cases where the Tribunal has failed to exercise its jurisdiction properly, requiring …

Weekly Digest Of IBC Cases: 15 To 21 May 2023
1 year, 7 months ago

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Live Law  

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. 05/MB-IV/2020 The National Company Law Tribunal, Mumbai bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, has initiated Corporate Insolvency Resolution Process against M/s Tulip Hotels Private Limited. 827/MB-IV/2022 The National Company Law Tribunal, Mumbai …

SARFAESI Auction Can't Be Stayed Just Because Sale Agreement Holder Offered To Pay Dues, When Borrower Hasn't Invoked S.13(8) : Supreme Court
1 year, 7 months ago

SARFAESI Auction Can't Be Stayed Just Because Sale Agreement Holder Offered To Pay Dues, When Borrower Hasn't Invoked S.13(8) : Supreme Court

Live Law  

The Supreme Court has held that a writ petition under Article 226 of the Constitution of India is not maintainable against action taken by Bank under Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, since an alternative statutory remedy exists under Section 17 of SARFAESI Act. Since the Borrower in the …

SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court
1 year, 8 months ago

SARFAESI | Bank Can't Forfeit Deposit Made After Auction Purchase When Bidder Wasn't Informed Of Challenge Pending Against Sale : Supreme Court

Live Law  

The Supreme Court has granted relief to an auction purchaser by directing the refund of the deposit made by him, which was forfeited by the bank by invoking Rule 9 of Security Interest Rules, 2002.Rule 9 enables the bank to forfeit the deposit amount on default of the auction purchaser to deposit the balance bid amount within the stipulated time. …

Merely Because The Borrower Is An MSME, It Would Not Be Governed By The Arbitral Mechanism Provided Under MSMED Act: Gujarat High Court
1 year, 9 months ago

Merely Because The Borrower Is An MSME, It Would Not Be Governed By The Arbitral Mechanism Provided Under MSMED Act: Gujarat High Court

Live Law  

The Gujarat High Court has ruled that merely because the borrower is an MSME, it would not be governed by the provisions of the Micro, Small and Medium Enterprises Development Act, 2006, including the arbitral mechanism envisaged under the said Act. The bench of Justice Biren Vaishnav observed that though, as per the mechanism provided under the MSMED Act, the …

[O I R 10 CPC ] Party Executing Assignment Deed With Auctioneer After Successful Bidders Raise Dispute Qua Transaction Not Necessary Party: Calcutta HC
2 years ago

[O I R 10 CPC ] Party Executing Assignment Deed With Auctioneer After Successful Bidders Raise Dispute Qua Transaction Not Necessary Party: Calcutta HC

Live Law  

The Calcutta High Court on Tuesday ruled that a party who entered into an assignment deed with an auctioneer, after the transaction with successful bidder was complete and a dispute regarding the same had arisen, is not a necessary party to the proceedings instituted by such bidder. Counsels for the applicant further contended that the applicant had issued a Sale …

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court
2 years, 1 month ago

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court

Live Law  

The Delhi High Court has reiterated that arbitration proceedings and proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 can go hand in hand. The single bench of Justice V. Kameswar Rao held that even if a party intended to take action under Section 17 of the SARFAESI Act by filing a petition …

Bar On Civil Court Jurisdiction U/Sec 34 SARFAESI Applicable Only In A Case Where DRT/DRAT Is Empowered To Decide The Matter: Supreme Court
2 years, 1 month ago

Bar On Civil Court Jurisdiction U/Sec 34 SARFAESI Applicable Only In A Case Where DRT/DRAT Is Empowered To Decide The Matter: Supreme Court

Live Law  

The Supreme Court observed that the bar on Civil Court jurisdiction under section 34 of the SARFAESI Act shall be applicable only in a case where the Debt Recovery Tribunal and/or Appellate Tribunal is empowered to decide the matter under the SARFAESI Act.In this case, the Bank secured a property in exercise of powers under the provisions of the SARFAESI …

Supreme Court Deprecates HC Practice Of Entertaining Writ Petitions Filed In SARFAESI Matters Without Exhausting Alternative Remedy
2 years, 1 month ago

Supreme Court Deprecates HC Practice Of Entertaining Writ Petitions Filed In SARFAESI Matters Without Exhausting Alternative Remedy

Live Law  

The Supreme Court deprecated the practice of entertaining writ petitions filed in SARFAESI matters without exhausting the alternative statutory remedy.In this case, the Telangana High Court set aside the e-auction sale held by the Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on. In this context, the bench comprising …

Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court
2 years, 2 months ago

Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court

Live Law  

The Delhi High Court has ruled that the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 provides a remedy in addition to the adjudication under the Arbitration and Conciliation Act, 1996 and hence, initiation of proceedings under the SARFAESI Act does not bar the arbitration of disputes. The petitioners invoked the arbitration …

'Not Manifestly Arbitrary': Delhi High Court Upholds Constitutional Validity Of Chapter II Of SARFAESI Act
2 years, 2 months ago

'Not Manifestly Arbitrary': Delhi High Court Upholds Constitutional Validity Of Chapter II Of SARFAESI Act

Live Law  

The Delhi High Court has upheld the constitutional validity of Chapter II of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 observing that it is not manifestly arbitrary and is not in violation of Article 14 of the Constitution of India.A division bench of Chief Justice Satish Chandra Sharma and Justice Subramoniuam Prasad passed. …

Writ Court Cannot Examine Transactions Between Bank & Borrower As They Are Essentially Contractual In Nature: Karnataka High Court
2 years, 4 months ago

Writ Court Cannot Examine Transactions Between Bank & Borrower As They Are Essentially Contractual In Nature: Karnataka High Court

Live Law  

The Karnataka High Court has said that writ courts neither have means nor the expertise to re-evaluate the "prudential decisions" of the Banks that are made in the ordinary course of their commercial transactions with accumulated wisdom in the trade. Further it said, "Credit facilities have been recalled at once reveals that the transaction has the overtones of commercial elements; …

'Bank Has Symbolic Possession Of Mortgaged Properties': Gujarat High Court Refuses To Cancel 2016 Bail Order For Non-Repayment 10 Cr Loan
2 years, 5 months ago

'Bank Has Symbolic Possession Of Mortgaged Properties': Gujarat High Court Refuses To Cancel 2016 Bail Order For Non-Repayment 10 Cr Loan

Live Law  

The Gujarat High Court has recently declined to cancel the bail of the Respondent-Accused for offences under Sections 406 and 420 added with Sections 467, 468 and 471 of the IPC on the ground that the Applicant-Bank had already taken 'symbolic possession' of certain properties long back. The High Court, therefore, felt that it should not interfere with the order …

SARFAESI Proceedings Cannot Be Continued Against Corporate Debtor Once CIRP Is Admitted And Moratorium Is Ordered: Supreme Court
2 years, 7 months ago

SARFAESI Proceedings Cannot Be Continued Against Corporate Debtor Once CIRP Is Admitted And Moratorium Is Ordered: Supreme Court

Live Law  

The Supreme Court observed that the proceedings under the SARFAESI Act cannot be continued once the CIRP is initiated and the moratorium is ordered.The bench comprising Justices L. Nageswara Rao and B R Gavai noted that, in such a situation, any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property …

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi
2 years, 8 months ago

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi

Live Law  

The National Company Law Appellate Tribunal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, while adjudicating an appeal filed in the matter of Rajesh Kedia v Phoenix ARC Pvt. 1 issued a Demand Notice dated 09.02.2016 to the Corporate Debtor under Section 13 of the SARFAESI Act, 2002, demanding an amount of Rs. 1 had …

Writ Petition Is Maintainable Against The Award Of The MSME Council Which Failed To Give A Hearing On Limitation : Orissa High Court
2 years, 8 months ago

Writ Petition Is Maintainable Against The Award Of The MSME Council Which Failed To Give A Hearing On Limitation : Orissa High Court

Live Law  

The High Court of Orissa has observed that a writ petition is maintainable against an award rendered by the MSME Council under S. 18 of the MSMED Act wherein the petitioner was not given a hearing on a material issue regarding the limitation of the substantive claims. The Single Bench of Justice Arindam Sinha has observed that in cases where …

Writ Petitions On The Ground Of 'Exceptional Circumstances' Against Order Passed By The Arbitral Tribunal Not Maintainable: Bombay High Court
2 years, 8 months ago

Writ Petitions On The Ground Of 'Exceptional Circumstances' Against Order Passed By The Arbitral Tribunal Not Maintainable: Bombay High Court

Live Law  

The Bombay High Court has ruled that remedy against orders passed under Section 16 of the Arbitration and Conciliation Act, 1996 lies elsewhere and the petitioners, aggrieved by the orders passed under Section 16, cannot file Writ Petitions under Article 226 or Article 227 of the Constitution of India on the ground of 'exceptional circumstances'. The Counsel for the petitioner …

Petitioner Cannot File Writ Petition Before Exercising Remedy U/S 17 Of SARFAESI Act; Madras High Court
2 years, 11 months ago

Petitioner Cannot File Writ Petition Before Exercising Remedy U/S 17 Of SARFAESI Act; Madras High Court

Live Law  

The Madras High Court, in a Bench comprising of Justice M. Duraiswamy and Justice Sathya Narayan Prasad in R. Ganesan v. M/s. ASREC Limited has reiterated the legal position and dismissed the writ petition filed by the Petitioner due to non-exercise of alternate remedy of appeal under Section 17 of the SARFAESI Act. The Petitioner filed a writ petition under …

SARFAESI Proceedings Not Invalidated On Mere Failure Of Bank In Giving Reply To Objections If Borrower's Proposals Were Otherwise Considered : Supreme Court
3 years ago

SARFAESI Proceedings Not Invalidated On Mere Failure Of Bank In Giving Reply To Objections If Borrower's Proposals Were Otherwise Considered : Supreme Court

Live Law  

The Supreme Court held that failure to furnish reply by the creditor as per the mandate of Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 would not entitle the debtor of discretionary relief, if the Court is satisfied that the creditor has considered the debtor's representation and granted it sufficient opportunity …

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20
3 years, 2 months ago

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20

Live Law  

The Supreme Court will hear on October 20th plea filed by State Bank of India challenging the Punjab and Haryana High Court's decision that Prevention Of Money Laundering Act prevails over the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act A Bench comprising Justice AM Khanwilkar, Justice Dinesh Maheshwari and Justice. The Supreme Court will hear …

Forum Shopping: Gujarat High Court Refuses To Hear Plea Challenging Validity Of S.14 SARFAESI Act
3 years, 3 months ago

Forum Shopping: Gujarat High Court Refuses To Hear Plea Challenging Validity Of S.14 SARFAESI Act

Live Law  

The Gujarat High Court recently refused to entertain a plea challenging the vires of Section 14 of the SARFAESI Act, while admonishing the Petitioner for indulging in forum shopping.Section 14 provides that the District Magistrate concerned shall assist the secured creditor in taking possession of secured asset of the borrower. The Gujarat High Court recently refused to entertain a plea …

Supreme Court Weekly Round Up
4 years, 1 month ago

Supreme Court Weekly Round Up

Live Law  

Supreme Court Orders Release Of Arnab Goswami From Jail; Says 'Personal Liberty Must Be Upheld' The Supreme Court on Wednesday granted interim bail to Republic TV anchor Arnab Goswami,who was arrested on November 4 and has been under judicial custody since then in a criminal case relating to abetment to suicide of interior designer Anvay Naik in 2018. A vacation …

Interim Order In Writ Petition Challenging SARFAESI Proceedings Should Generally Not Be Passed Without Hearing Secured Creditors: Supreme Court
4 years, 1 month ago

Interim Order In Writ Petition Challenging SARFAESI Proceedings Should Generally Not Be Passed Without Hearing Secured Creditors: Supreme Court

Live Law  

The Supreme Court has observed that interim orders in writ petitions challenging SARFAESI proceedings should generally not be passed without hearing the secured creditor.Interim orders defeat the very purpose of expeditious recovery of public money, said the bench comprising Justices L. Nageswara Rao, Hemant Gupta and Ajay Rastogi. The Supreme Court has observed that interim orders in writ petitions challenging …

Trivial Procedural Lapses Not A Ground To Nullify SARFAESI Proceedings Initiated By Secured Creditor If No Substantial Prejudice Was Caused To Borrower: SC [Read Judgment]
4 years, 1 month ago

Trivial Procedural Lapses Not A Ground To Nullify SARFAESI Proceedings Initiated By Secured Creditor If No Substantial Prejudice Was Caused To Borrower: SC [Read Judgment]

Live Law  

The Supreme Court has observed that proceedings initiated under the SARFAESI Act by the Secured Creditors cannot be nullified merely on the ground of technical defects and procedural lapses unless substantial prejudice was caused to the defaulter. In this case, the Debt Recovery Tribunal quashed the demand notice served on the borrower under Section 13 of the Securitisation and Reconstruction …

Can Banks Continue SARFAESI Proceedings With Respect To Loan Accounts Declared As NPA Prior To Lockdown? Kerala HC Seeks Response From Centre,State [Read Order]
4 years, 3 months ago

Can Banks Continue SARFAESI Proceedings With Respect To Loan Accounts Declared As NPA Prior To Lockdown? Kerala HC Seeks Response From Centre,State [Read Order]

Live Law  

The Kerala High Court has sought response from the Central Government about the banks' plea seeking permission to continue SARFAESI proceedings with respect to loan accounts which were declared as NPA prior to the declaration of lockdownThe Full bench comprising the Chief Justice S. Manikumar, Justices CT Ravikumar and Shaji P. Chaly was considering an application filed by State Bank …

Discover Related