Whether Auction Purchasers In Pursuance Of Decree Will Have Preferential Right Over Purchaser Of Mortgaged Property Under SAFRAESI? Supreme Court To Consider
3 years, 1 month ago

Whether Auction Purchasers In Pursuance Of Decree Will Have Preferential Right Over Purchaser Of Mortgaged Property Under SAFRAESI? Supreme Court To Consider

Live Law  

The Supreme Court recently agreed to consider as to whether auction purchasers in pursuance of a decree will have a preferential right qua the mortgage property or not. Case Before Madras High Court The issue before the bench for consideration was whether the sale in favor of the M/S Arc Investments Castings LLP under the SARFAESI Act in respect of the immovable property mortgaged to the Allahabad Bank as security for the loan would will prevail over the Court auction sale in favor of the respondent for recovery of money decree. It was contended in the appeal that the Trial Court failed to consider that the suit property was mortgaged with M/s Allahabad Bank as security for the loan amount borrowed by the second respondent. While assailing Trial Court's judgment, M/S Arc Investments Castings LLP had also averred that the Court below erred in holding that the appellant LLP did not have any right to purchase property, since the LLP had not been incorporated on the date of purchase by overlooking the fact that the sale deed was executed only after the incorporation.

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History of this topic

Rights Of Auction Purchaser Are Crystallized Upon Issuance Of Sale Certificate: NCLAT Chennai
1 week ago

Rights Of Auction Purchaser Are Crystallized Upon Issuance Of Sale Certificate: NCLAT Chennai

Live Law  

The National Company Law Tribunal, Chennai comprising of Justice Sharad Kumar Sharma and Jatindranath Swain dismissed an appeal filed by the former director of the corporate debtor challenging the impugned order of NCLT, Chennai and the auction process being undertaken by the liquidator. The appeal is against the order of the National Company Law Tribunal, Chennai in which the matter …

Mortgagee Has Inherent Right To Put Property On Public Auction In Case Of Failure Of Payment: Punjab & Haryana HC
1 week, 2 days ago

Mortgagee Has Inherent Right To Put Property On Public Auction In Case Of Failure Of Payment: Punjab & Haryana HC

Live Law  

The Punjab & Haryana High Court has said that the mortgagee has a right to sell the mortgage property in a public auction if the borrower fails to pay the stipulated instalments. The main argument raised by the Haryana Government authorities was that while permission was granted for mortgaging the property, the Bank did not obtain permission to sell it …

Sale By Way Of Public Auction Can't Be Set Aside Unless There's Material Irregularity Or Fraud/Collusion : Supreme Court
2 months, 1 week ago

Sale By Way Of Public Auction Can't Be Set Aside Unless There's Material Irregularity Or Fraud/Collusion : Supreme Court

Live Law  

The Supreme Court has reiterated the principle that sale by way of public auction cannot be set aside until there is any material irregularity and/or illegality committed in holding the auction or if such auction was vitiated by any fraud or collusion. Reference was also made to the recent judgment in Celir LLP vs Ms Sumati Prasad Bafna and others …

[O.21 R.95] Buyers Of Property From Auction Purchaser Can Make Application Before Executing Court To Obtain Possession: Karnataka HC
7 months, 3 weeks ago

[O.21 R.95] Buyers Of Property From Auction Purchaser Can Make Application Before Executing Court To Obtain Possession: Karnataka HC

Live Law  

The Karnataka High Court has held that purchasers of a property from the auction purchaser can make an application before the executing court for obtaining possession of the properties from the owners/occupants. Appellants argued that they being the purchasers from the auction purchaser can very much maintain an application under Order 21 Rule 95 CPC inasmuch as they stepped into …

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 …

Order XXI CPC | Failure To Raise Objections Before Proclamation Of Sale Not Bar To Challenge An Irregular Sale: Kerala High Court
1 year, 6 months ago

Order XXI CPC | Failure To Raise Objections Before Proclamation Of Sale Not Bar To Challenge An Irregular Sale: Kerala High Court

Live Law  

The Kerala High Court recently laid down that the failure to raise objections before the proclamation of sale as prescribed under Order XXI Rule 90 CPC does not preclude the appellant from challenging the sale if the mandatory procedures under Order XXI Rule 64 were not complied with. Order XXI Rule 64 CPC deals with the power of the court …

Subsequent Purchaser Has No Right to Claim Lapse of Land Acquisition Proceedings U/s 24 RFCTLARR : Supreme Court
2 years, 4 months ago

Subsequent Purchaser Has No Right to Claim Lapse of Land Acquisition Proceedings U/s 24 RFCTLARR : Supreme Court

Live Law  

The Supreme Court reiterated that a subsequent purchaser has no right to claim lapse of acquisition proceedings.In this case, the land in question was notified to be acquired under Section 4 of the Land Acquisition Act, 1894 on 25.11.1980; declaration under Section 6 was issued on 07.06.1985; and award came to be declared by the Collector on 17.06.1987. Vs. Commissioner, …

Purchaser Of Suit Property Cannot File Application Under Order XXI Rule 97 CPC Objecting Execution Of Decree By Decree Holder: Supreme Court
2 years, 8 months ago

Purchaser Of Suit Property Cannot File Application Under Order XXI Rule 97 CPC Objecting Execution Of Decree By Decree Holder: Supreme Court

Live Law  

The Supreme Court observed that purchaser of the suit property from the decree holder is not entitled to file an application under Order XXI Rule 97 of Code of Civil Procedure Code, 1908 objecting execution of the decree by the decree holder.BackgroundIn this case, a Suit filed by late Shri N.D. Mishra was decreed by the Trial Court restraining the …

Purchaser Has No Right To Claim Lapsing Of Land Acquisition Proceedings Under Sec 24 RFCTLARR Act : Supreme Court
2 years, 10 months ago

Purchaser Has No Right To Claim Lapsing Of Land Acquisition Proceedings Under Sec 24 RFCTLARR Act : Supreme Court

Live Law  

"The purchaser has no right to claim lapsing of acquisition proceedings in view of the recent larger Bench judgment of this Court reported as Shiv Kumar & Anr. A Bench comprising Justices Hemant Gupta and V. Ramasubramanian allowed appeal filed by Delhi Development Authority assailing the order of the Delhi High Court which had allowed writ petition seeking declaration that …

An Adjudication Is Conclusive With Respect To Incidental/Connected Subject Matter Of The Litigation: Madras High Court
2 years, 11 months ago

An Adjudication Is Conclusive With Respect To Incidental/Connected Subject Matter Of The Litigation: Madras High Court

Live Law  

The Madras High Court has held that the rule of res judicata prevents the parties to a judicial determination from litigating the same question again. She executed a donation deed and gave life interest in the property to her daughter Kuppammal and the vested remainder was given absolutely in favour of her grandsons Ramchandran and Kaliaperumal. As the loan amount …

Section 24 RFCTLARR Act- Subsequent Purchasers Cannot Seek Declaration That Land Acquisition Proceedings Have Lapsed: SC [Read Judgment]
5 years, 5 months ago

Section 24 RFCTLARR Act- Subsequent Purchasers Cannot Seek Declaration That Land Acquisition Proceedings Have Lapsed: SC [Read Judgment]

Live Law  

The Supreme Court, on Monday, held that a subsequent purchaser of the property after issuance of notification under section 4 of the Land Acquisition Act, 1894 cannot invoke the provisions contained in section 24 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.The three judge bench headed by Justice Arun Mishra, observed that. …

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