Attempt To Take Possession Of Property Which Isn’t Secured Asset Can Be Called In Question In Civil Court: Kerala HC [Read Order]
6 years, 3 months ago

Attempt To Take Possession Of Property Which Isn’t Secured Asset Can Be Called In Question In Civil Court: Kerala HC [Read Order]

Live Law  

‘Attempting to take possession of a property which is not a secured asset under the guise of the SARFAESI Act is certainly a fraudulent action which can be called in question in a civil court.’The High Court of Kerala has held that jurisdiction of the civil court is not barred if the plea is that the plaint schedule property is not the secured asset in respect of which a security interest. ‘Attempting to take possession of a property which is not a secured asset under the guise of the SARFAESI Act is certainly a fraudulent action which can be called in question in a civil court.’ The High Court of Kerala has held that jurisdiction of the civil court is not barred if the plea is that the plaint schedule property is not the secured asset in respect of which a security interest is created. Answering the reference from a single bench which has doubted correctness of another single bench decision, the division bench comprising of Justice V. Chitambaresh and Justice R. Narayana Pisharadi observed: Attempting to take possession of a property which is not a secured asset under the guise of the SARFAESI Act is certainly a fraudulent action which can be called in question in a civil court. It may perhaps be open to any person aggrieved to move the Debts Recovery Tribunal to clarify that the measures taken are not in respect of the secured asset.” The bench summed up its answers to reference as follows: The jurisdiction of the civil court is not barred if the plea is that the plaint schedule property is not the secured asset in respect of which a security interest is created.

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History of this topic

Seized properties of Guru Sarvabhauma Souharda Credit Co-operative restituted
1 month, 1 week ago

Seized properties of Guru Sarvabhauma Souharda Credit Co-operative restituted

The Hindu  

A Special Prevention of Money Laundering Act court on Monday restituted 16 immovable and 46 movable properties with an approximate market value of ₹50 crore in favour of the competent authority appointed under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 for Guru Sarvabhauma Souharda Credit Co-operative Limited, Bengaluru. The accused society had floated and was …

SARFAESI | DRT Cannot Restore Possession Of Secured Asset To A Person Who Isn't The Borrower Or Possessor : Supreme Court
2 months ago

SARFAESI | DRT Cannot Restore Possession Of Secured Asset To A Person Who Isn't The Borrower Or Possessor : Supreme Court

Live Law  

The Supreme Court noted that the Debt Recovery Tribunal is not authorized under the SARFAESI Act to "hand over" possession of the secured asset to an individual who was neither the borrower nor the possessor of the asset. It further stated that the DRT lacks the authority to "restore" possession of secured assets to an individual who is neither the …

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court
Trending News
2 months, 3 weeks ago

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court

Live Law  

The Supreme Court has stated that the right of a borrower to redeem the secured asset can be exercised only till a notice for the sale of the mortgaged property is published in terms of Rule 9 of the Security Interest Rules, 2002. The Court observed that till the 2016 amendment to the Securitisation and Reconstruction of Financial Assets and …

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court
Trending News
2 months, 3 weeks ago

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court

Live Law  

The Supreme Court has stated that the right of a borrower to redeem the secured asset can be exercised only till a notice for the sale of the mortgaged property is published in terms of Rule 9 of the Security Interest Rules, 2002. The Court observed that till the 2016 amendment to the Securitisation and Reconstruction of Financial Assets and …

[SARFAESI Act] Courts Must Not Interfere Under Writ Jurisdiction When Alternative Statutory Remedies Are Available: Rajasthan HC
3 months ago

[SARFAESI Act] Courts Must Not Interfere Under Writ Jurisdiction When Alternative Statutory Remedies Are Available: Rajasthan HC

Live Law  

The Jaipur bench of the Rajasthan High Court dismissed a plea by the purchaser of a property–in relation to which proceedings were initiated under the SARFAESI Act, on the ground that the purchaser had already availed the statutory remedy before the Debt Recovery Tribunal. The court again referred to the Supreme Court's decision in Satyawati Tondon in which it was …

Mere Possession Over Assets Of Corporate Debtor Under SARFAESI Act Does Not Bar Filing Of Petition U/S 7 Of IBC: NCLT Kolkata
4 months ago

Mere Possession Over Assets Of Corporate Debtor Under SARFAESI Act Does Not Bar Filing Of Petition U/S 7 Of IBC: NCLT Kolkata

Live Law  

The NCLT Kolkata bench of Ms. Bidisha Banerjee and Shri Arvind Devanathan have held that mere possession over assets of the corporate debtor under the SARFAESI Act does not prevent the financial creditor from preferring an application under section 7 of the IBC. Whether Mere Possession Of Assets Of The Corporate Debtor Under SARFAESI Act Bars Filing Of Petition Under …

Mere Possession Over Assets Of Corporate Debtor Under SARFAESI Act Does Not Bar Filing Of Petition U/S 7 Of IBC: NCLT Kolkata
4 months ago

Mere Possession Over Assets Of Corporate Debtor Under SARFAESI Act Does Not Bar Filing Of Petition U/S 7 Of IBC: NCLT Kolkata

Live Law  

The NCLT Kolkata bench of Ms. Bidisha Banerjee and Shri Arvind Devanathan have held that mere possession over assets of the corporate debtor under the SARFAESI Act does not prevent the financial creditor from preferring an application under section 7 of the IBC. Whether Mere Possession Of Assets Of The Corporate Debtor Under SARFAESI Act Bars Filing Of Petition Under …

Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai
4 months, 1 week 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 …

S. 14 SARFAESI Act | DM/CJM Obligated To Take Possession Of Secured Asset, Forward It To Secured Creditor: Allahabad HC
4 months, 1 week ago

S. 14 SARFAESI Act | DM/CJM Obligated To Take Possession Of Secured Asset, Forward It To Secured Creditor: Allahabad HC

Live Law  

The Allahabad High Court has observed that as per the mandate of Section 14 of the SARFAESI Act, 2002, it is the statutory obligation of the District Magistrate or the Chief Judicial Magistrate concerned to take possession of secured assets and documents and to forward such assets & documents to the secured creditor.A bench of Justice Rajan Roy and Justice …

[SARFAESI Act] Nature Of Secured Asset Continues To Remain Same Even After Being Purchased By Secured Creditor: Kerala High Court
8 months, 3 weeks ago

[SARFAESI Act] Nature Of Secured Asset Continues To Remain Same Even After Being Purchased By Secured Creditor: Kerala High Court

Live Law  

The Kerala High Court held that a 'secured asset' continues its nature of 'secured asset' even after it is bought by the secured creditor. High Court held that this would mean that the character of the property as a 'secured asset' will continue for the purpose of the SARFAESI Act. The High Court referred to ITC Limited v Blue Coast …

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC
11 months 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
11 months, 1 week 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 …

SARFAESI Act | Right Of Redemption Cannot Be Taken Away By Insufficient Notice: Allahabad High Court
1 year, 2 months 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, 5 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, 6 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 …

SARFAESI Act No License For Bank Officers To Act Against Law : Supreme Court
1 year, 6 months ago

SARFAESI Act No License For Bank Officers To Act Against Law : Supreme Court

Live Law  

In a recent judgement, the Supreme Court underlined that all litigants, including banks, were duty bound to follow provisions of law and that banks would not be treated on a different footing than other litigants. The Court said that the the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 does not give any "license to …

Borrowers Should Avail Statutory Remedies Under SARFAESI Act Before Invoking Article 226 Against Recovery Proceedings: Delhi High Court
1 year, 7 months ago

Borrowers Should Avail Statutory Remedies Under SARFAESI Act Before Invoking Article 226 Against Recovery Proceedings: Delhi High Court

Live Law  

The Delhi High Court recently observed that the SARFAESI Act provides statutory remedies for borrowers, including the right to appeal, and that the court should not interfere in recovery proceedings unless there is a clear violation of law. Justice Purushaindra Kumar Kaurav reiterated that the borrower will have to wait till measures under Section 13 of the SARFAESI Act for …

S.34 SARFAESI Act Bars Grant Of Injunction By Civil Court For Actions Taken Under The Act: Jammu & Kashmir High Court
1 year, 8 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 …

Priority Of The Secured Creditor Over Govt. Dues Under SARFAESI Act, 2002: Bombay High Court
1 year, 8 months ago

Priority Of The Secured Creditor Over Govt. Dues Under SARFAESI Act, 2002: Bombay High Court

Live Law  

The Bombay High Court held that priority belongs to the secured creditor in respect of the dues of the Central government, state government, or local authority under Section 26-E of the SARFAESI Act, 2002.The bench of Justice B. P. Colabawalla and Justice M.M. The Bombay High Court held that priority belongs to the secured creditor in respect of the dues …

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, 9 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 …

Arbitrator Has No Jurisdiction To Set Aside Sale Notice Issued By Secured Creditor Under Section 13(4) Of SARFAESI Act: Delhi High Court
2 years, 1 month ago

Arbitrator Has No Jurisdiction To Set Aside Sale Notice Issued By Secured Creditor Under Section 13(4) Of SARFAESI Act: Delhi High Court

Live Law  

The Delhi High Court has ruled that the Arbitrator has no jurisdiction to set aside the sale notice issued by the secured creditor under Section 13 of the SARFAESI Act, 2002, seeking to enforce its “security interest”. Since a specific right is vested in a “secured creditor” to enforce a “security interest”, by issuance of a sale notice under Section …

Challenge Under Section 17 Of The SARFAESI Act Against Action Taken By Secured Creditor, Would Not Bar Arbitration Proceedings: Delhi High Court
2 years, 4 months 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, 4 months 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 …

Initiation Of Proceedings Under The SARFAESI Act Does Not Bar The Arbitration Of Disputes: Delhi High Court
2 years, 5 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 …

[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court
2 years, 7 months ago

[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court

Live Law  

Observing that the jurisdiction of the District Magistrate is limited only to assisting secured creditors in taking possession of secured assets under the SARFAESI Act, the Bombay High Court held that the DM isn't empowered to hear the borrower or third parties while deciding application filed by secured creditor. "The jurisdiction of the CMM/DM under Section 14 of the SARFAESI …

Claim Of Secured Creditor Under SARFAESI Act Not Affected By Attachment Under Karnataka Protection Of Deposits Act: High Court
2 years, 8 months ago

Claim Of Secured Creditor Under SARFAESI Act Not Affected By Attachment Under Karnataka Protection Of Deposits Act: High Court

Live Law  

The Karnataka High Court has held that the attachment of a secured asset under the Karnataka Protection of Interest of Deposit in Financial Establishment Act, 2004, would have no priority over the claim of the Bank, to recover dues made under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. A single judge bench of …

'Bank Has Symbolic Possession Of Mortgaged Properties': Gujarat High Court Refuses To Cancel 2016 Bail Order For Non-Repayment 10 Cr Loan
2 years, 8 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 …

Private Parties Can't Approach Courts Seeking Attachment Of Properties In Foreign States Under Chapter VIIA CrPC : Kerala High Court
2 years, 11 months ago

Private Parties Can't Approach Courts Seeking Attachment Of Properties In Foreign States Under Chapter VIIA CrPC : Kerala High Court

Live Law  

The Kerala High Court has held that the courts in India cannot entertain any request directly from any private parties or institutions to initiate proceedings for attachment of properties in foreign states and added that such requests can only be made by the Centre or appropriate authorities under Section 105 of Code of Criminal Procedure.Upon examining the legislative intent. The …

Karnataka High Court Upholds Constitutional Validity Of Proviso (v) To S.14(1) SARFAESI Act
2 years, 11 months ago

Karnataka High Court Upholds Constitutional Validity Of Proviso (v) To S.14(1) SARFAESI Act

Live Law  

The Karnataka High Court has upheld the Constitutional validity of proviso Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.Section 14 provides procedure in which Chief Metropolitan Magistrate or District Magistrate may assist secured creditor in taking possession of secured asset.Proviso. The Karnataka High Court has upheld the Constitutional validity of proviso …

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

Writ Petition By Borrowers Challenging SARFAESI Proceedings Initiated By Private Banks/ARCs Not Maintainable: Supreme Court
3 years, 2 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 Proceedings Not Invalidated On Mere Failure Of Bank In Giving Reply To Objections If Borrower's Proposals Were Otherwise Considered : Supreme Court
3 years, 3 months 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 …

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, 5 months 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 …

SARFAESI: Only Expressly Created Statutory First Charges Under Central/State Laws Can Take Precedence Over Secured Creditors' Claim: SC [Read Judgment]
5 years, 3 months ago

SARFAESI: Only Expressly Created Statutory First Charges Under Central/State Laws Can Take Precedence Over Secured Creditors' Claim: SC [Read Judgment]

Live Law  

Only expressly created statutory first charges under Central and State laws can take precedence over the claims of secured creditors under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the Supreme Court has reiterated on Wednesday. The issue considered in Maharashtra State Co-operative Bank Ltd. vs. Babulal Lade was whether the Karkhana employees' dues can …

Telangana High Court for action on debt recovery panel-1 chief
5 years, 3 months ago

Telangana High Court for action on debt recovery panel-1 chief

Deccan Chronicle  

Hyderabad: The High Court called for action against presiding officer of the Debt Recovery Tribunal-I at Hyderabad for repeatedly violating the law relating to auction of mortgaged agriculture land. Ramachandra Rao and Justice K. Lakshman was dealing the pleas challenging the orders of the presiding officer in allowing financial institutions and banks to put on sale mortgaged cultivated lands. The …

SARFAESI: Borrower/Debtor Can File Securitisation Application At The Stage Of The Possession Notice, Holds SC
6 years, 4 months ago

SARFAESI: Borrower/Debtor Can File Securitisation Application At The Stage Of The Possession Notice, Holds SC

Live Law  

‘The object of providing a remedy against the wrongful action of a secured creditor to a borrower will be stultified if the borrower has to wait until a sale notice is issued, or worse still, until a sale actually takes place.’Setting aside a judgment of Allahabad High Court full bench, the Supreme Court on Thursday held that the borrower/debtor can …

Vijay Mallya’s lenders secure UK court win in bid to recover dues
6 years, 8 months ago

Vijay Mallya’s lenders secure UK court win in bid to recover dues

Live Mint  

Mumbai: The UK’s commercial court has passed an order in favour of a consortium of 13 Indian banks seeking to recover dues allegedly owed to them by liquor baron Vijay Mallya, who is fighting extradition on charges of fraud and money laundering to the tune of ₹ 9,000 crore. The order relates to the UK’s Tribunal Courts and Enforcement Act …

Secured Creditor Should Mandatorily Consider Debtor's Representation Under S.13 (3A) Of SARFAESI Act: SC [Read Judgment]
7 years ago

Secured Creditor Should Mandatorily Consider Debtor's Representation Under S.13 (3A) Of SARFAESI Act: SC [Read Judgment]

Live Law  

The Supreme Court held that Section 13 of the SARFAESI Act is mandatory The Supreme Court, on Monday, held that while recovering secured property from Non-Performing Assets, a secured creditor should mandatorily consider the debtor's representation under Section 13, after the initiation of proceedings under Section 13 of the Securitization and Reconstruction of Financial. The Supreme Court, on Monday, held …

When Lender Merges With ‘Financial Institution’, Successor-In-Interest Entitled To Recovery Under SARFAESI Act, Rules SC [Read Judgment]
7 years ago

When Lender Merges With ‘Financial Institution’, Successor-In-Interest Entitled To Recovery Under SARFAESI Act, Rules SC [Read Judgment]

Live Law  

The Supreme Court bench of Justice A. K. Sikri and Justice Ashok Bhushan has recently held that where an entity granting a loan is not a ‘banking company’ or a ‘financial institution’ under clauses and, respectively, of Section 2 of the SARFAESI Act of 2002, but subsequently merges with a ‘financial institution’, the successor-in-interest shall be deemed to be a. …

SC Upholds Gujarat HC’s Refusal To Issue Writ To State Authorities To Aid Recovery Of Dues Of Over 37,000 Farmers From Private Corporation
7 years, 1 month ago

SC Upholds Gujarat HC’s Refusal To Issue Writ To State Authorities To Aid Recovery Of Dues Of Over 37,000 Farmers From Private Corporation

Live Law  

The Supreme Court bench headed by Chief Justice Dipak Misra on Friday refused to interfere with the Gujarat High Court order of October, 2017, wherein the High Court had ruled that, in exercise of its writ jurisdiction under Article 226, it cannot issue directions to state authorities to aid in the recovery of the outstanding dues of over 37,000 farmers …

Fortis Healthcare co-owner restrained from selling properties in bank loan default case
7 years, 1 month ago

Fortis Healthcare co-owner restrained from selling properties in bank loan default case

Live Mint  

New Delhi: The Delhi Debts Recovery Tribunal has restrained former CEO of Ranbaxy Laboratories and the co-owner of Fortis Healthcare, Malvinder Mohan Singh, from selling a posh property in Lutyen’s Delhi and some other assets in a bank loan default case. Raju passed the interim direction on an application by Yes Bank seeking recovery of Rs569.64 crore loan given to …

SARFAESI: Allahabad HC Refuses To Entertain Borrower’s Loan Default Due To Demonetisation, GST [Read Judgment]
7 years, 5 months ago

SARFAESI: Allahabad HC Refuses To Entertain Borrower’s Loan Default Due To Demonetisation, GST [Read Judgment]

Live Law  

The Allahabad High Court has dismissed a writ petition challenging recovery proceedings initiated against a borrower firm, which challenged recovery proceedings on the ground that due to demonetisation and imposition of GST, it suffered loss in business and could not pay loan installments to the bank.The bench comprising Justice Bharati Sapru and Justice Siddharth passed the above order in. The …

Borrower Can Prefer Appeal To DRT Even If Mortgaged Property Belongs To Guarantor: Chhattisgarh HC [Read Judgment]
8 years ago

Borrower Can Prefer Appeal To DRT Even If Mortgaged Property Belongs To Guarantor: Chhattisgarh HC [Read Judgment]

Live Law  

It is nowhere provided that when secured asset belongs to the guarantor, only the guarantor can prefer an appeal and not the borrower, the court said.The Chhattisgarh High Court, in Manik Mehta vs. UCO Bank, has observed that even when the secured asset belongs to the guarantor, the borrower can also prefer an appeal to the Debt Recovery Tribunal.In the …

Civil Court’s jurisdiction to grant injunction not ousted when secured creditor initiates proceedings on an asset not being a secured asset, holds Kerala HC
9 years, 7 months ago

Civil Court’s jurisdiction to grant injunction not ousted when secured creditor initiates proceedings on an asset not being a secured asset, holds Kerala HC

Live Law  

The Kerala High Court has held in a recent judgment that the bar on the jurisdiction of the civil court to entertain a suit and grant injunction under Section 34 of the SARFAESI Act applies only when an order of injunction is attempted to be granted in respect of any action taken or to be taken in pursuance of any …

SARFAESI Act cannot be enforced in Jammu and Kashmir, rules the J&K High Court
9 years, 8 months ago

SARFAESI Act cannot be enforced in Jammu and Kashmir, rules the J&K High Court

Live Law  

In a landmark judgment, the Jammu & Kashmir High Court has held recently that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, enacted by Parliament in 2002, cannot be enforced in the state.A division bench of the Court comprised of Justice Muzaffar Hussain Attar and Ali Muhammad Magrey underlined how the SARFAESI Act is. While …

SARFAESI Act cannot be enforced in Jammu and Kashmir, rules the J&K High Court
9 years, 8 months ago

SARFAESI Act cannot be enforced in Jammu and Kashmir, rules the J&K High Court

Live Law  

In a landmark judgment, the Jammu & Kashmir High Court has held recently that the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, enacted by Parliament in 2002, cannot be enforced in the state.A division bench of the Court comprised of Justice Muzaffar Hussain Attar and Ali Muhammad Magrey underlined how the SARFAESI Act is. While …

SARFAESI Act; The lawful possession of the secured asset with the lessee under a valid lease and the secured creditor cannot take over possession until the lawful possession of the lessee gets...
10 years, 11 months ago

SARFAESI Act; The lawful possession of the secured asset with the lessee under a valid lease and the secured creditor cannot take over possession until the lawful possession of the lessee gets...

Live Law  

Supreme Court on Thursday ordered the Chief Metropolitan Magistrate/District Magistrate of Mumbai to hear and pass fresh orders in a lease dispute over mortgaged property in Harshad Govardhan Sondagar Vs International Assets Reconstruction Co ltd.Bench comprising of Justice A. K. Patnaik and Justice V. Gopala Gowda was considering an appeal by a group of tenants who are under threat of. …

Court dismisses KAL plea
11 years, 2 months ago

Court dismisses KAL plea

The Hindu  

A Division Bench of the Karnataka High Court, on Wednesday, upheld the single judge bench’s decision of refusing to interfere with the action initiated by the consortium of banks for taking possession of ‘Kingfisher House’, a prime property in Mumbai owned by Kingfisher Airlines Ltd.. A Division Bench, comprising Justice Dilip B. Bhosale and Justice B. Manohar, passed the order …

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