SARFAESI Act | MP High Court Issues Guidelines To Magistrates For Expeditious Disposal Of S.14 Applications Moved By Secured Creditors
1 year, 3 months ago

SARFAESI Act | MP High Court Issues Guidelines To Magistrates For Expeditious Disposal Of S.14 Applications Moved By Secured Creditors

Live Law  

Madhya Pradesh High Court has recently taken serious note of the inaction by Chief Judicial Magistrates on applications under Section 14 of the SARFAESI Act. While allowing the application filed by the secured creditor, the court also underscored that there are only two aspects that a Chief Judicial Magistrate must consider before passing an order u/S 14 of the SARFAESI Act: to determine whether secured assets fall within their territorial jurisdiction? “For taking physical possession of the secured assets in terms of Section 14 of the SARFAESI Act, the secured creditor is obliged to approach the DM/ADM/CJM by way of a written application. The DM/ADM/CJM shall ensure that the secured creditor should file an affidavit declaring that the terms and conditions prescribed u/S 14 of the SARFAESI Act are satisfied.

Court Applications Application Act Madhya Pradesh Cjm Secured Sarfaesi Act Section 14 Secured Creditor Creditor Sarfaesi Khargone Secured Creditors Secured Assets Section 14 Applications  secured  guidelines  act  court  dmadmcjm  high  s14  14  mp  expeditious  judicial  moved  applications  creditor  sarfaesi  magistrates  issues  application

History of this topic

SARFAESI | Borrower's Right Of Redemption Available Only Till Notice For Sale Of Mortgaged Asset Is Published : Supreme Court
Trending News
2 months, 1 week 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, 1 week 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
2 months, 3 weeks 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 …

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

[S.14 SARFAESI Act] District Magistrates Can't Adjudicate On Application For Taking Possession Of Secured Assets, Constantly Breaching Law: Punjab & Haryana HC
10 months, 3 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 …

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 | Orders Passed In Interim Application Appealable U/S 18; Cannot Invoke Supervisory Jurisdiction U/Art 227: Kerala High Court
1 year, 4 months ago

SARFAESI Act | Orders Passed In Interim Application Appealable U/S 18; Cannot Invoke Supervisory Jurisdiction U/Art 227: Kerala High Court

Live Law  

The Kerala High Court recently held that an order passed in an interim application is appealable before the Appellate Tribunal, under Section 18 of the SARFAESI Act.It thus proceeded to declare that Article 227 of the Constitution cannot be invoked by the High Court, when the Tribunal had considered the matter before it in the proper perspective. Justice K. The …

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, 5 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, 5 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 …

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 …

Challenge To Recovery Notice U/S 13(2) SARFAESI Act Lies Before DRT And Not Civil Court, Unless Plaint Alleges Fraud: Bombay High Court
1 year, 8 months ago

Challenge To Recovery Notice U/S 13(2) SARFAESI Act Lies Before DRT And Not Civil Court, Unless Plaint Alleges Fraud: Bombay High Court

Live Law  

The Bombay High Court recently held that once a secured creditor issues demand notice under section 13 of the SARFAESI Act, 2002, the civil court’s jurisdiction is barred, and any challenge to the notice comes under the domain of the Debts Recovery Tribunal. Justice MS Jawalkar rejected a borrower’s civil suit alleging that the bank violated Guidelines on Fair Practices …

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 …

Conflict Of Laws : PMLA v. SARFAESI Act
1 year, 11 months ago

Conflict Of Laws : PMLA v. SARFAESI Act

Live Law  

Conflict of laws is as old as the legal system itself. Ltd. & Ors., as under: “Therefore, in absence of any specific provision for priority of the dues under MSMED Act, if the submission on behalf of respondent No.1 for the dues under MSMED Act would prevail over the SARFAESI Act, then in that case, not only the object and …

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

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 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, 3 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 …

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 …

'Not Manifestly Arbitrary': Delhi High Court Upholds Constitutional Validity Of Chapter II Of SARFAESI Act
2 years, 5 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. …

Section 14 SARFAESI Act - CMM/DM Not Required To Adjudicate Disputes Between Borrower/ Third Party And Secured Creditor: Supreme Court
2 years, 5 months ago

Section 14 SARFAESI Act - CMM/DM Not Required To Adjudicate Disputes Between Borrower/ Third Party And Secured Creditor: Supreme Court

Live Law  

The Supreme Court observed that, while considering an application under Section 14 SARFAESI Act, the CMM/DM is not required to adjudicate the dispute between the borrower and the secured creditor and/or between any other third party and the secured creditor with respect to the secured assets.Once all the requirements under Section 14 of the SARFAESI Act are complied. The Supreme …

S.14 SARFAESI Act | District Magistrate Can Delegate Powers To Executive Magistrate To Take Possession Of Secured Assets: Calcutta High Court
2 years, 6 months ago

S.14 SARFAESI Act | District Magistrate Can Delegate Powers To Executive Magistrate To Take Possession Of Secured Assets: Calcutta High Court

Live Law  

In an important decision delivered today, the Calcutta High Court has held that step taken under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 while taking possession of the secured assets is a ministerial step and hence, the Chief Metropolitan Magistrate or the District Magistrate need not go personally to take …

[S.14 SARFAESI Act] Jurisdiction Of DM Purely Ministerial In Nature; Not Empowered To Hear Borrower/ Third Parties: Bombay High Court
2 years, 6 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, 7 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 …

SARFAESI Proceedings Cannot Be Continued Against Corporate Debtor Once CIRP Is Admitted And Moratorium Is Ordered: Supreme Court
2 years, 10 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 …

Proceedings Under The A&C Act And SARFAESI Act Can Be Resorted To Simultaneously: Rajasthan High Court Reiterates The Legal Position
2 years, 10 months ago

Proceedings Under The A&C Act And SARFAESI Act Can Be Resorted To Simultaneously: Rajasthan High Court Reiterates The Legal Position

Live Law  

The High Court of Rajasthan has held that proceedings under the A&C Act and SARFAESI Act can be resorted to simultaneously. The writ petitioner challenged that order of the Chief Metropolitan Magistrate, Jaipur passed under Section 14 of the SARFAESI Act on the ground that the loan agreement between the parties contains an arbitration clause and the respondent having filed …

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi
2 years, 11 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 …

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 …

"A District Magistrate, After Passing An Order Under Sec.14 Of The SARFAESI Act Does Not Have Any Jurisdiction To Review, Recall Or Modify It": Punjab and Haryana HC
3 years ago

"A District Magistrate, After Passing An Order Under Sec.14 Of The SARFAESI Act Does Not Have Any Jurisdiction To Review, Recall Or Modify It": Punjab and Haryana HC

Live Law  

Punjab and Haryana High Court on March 14, 2022, answered various significant questions regarding Section 14 of the SARFAESI Act. The court had an occasion to discuss the scope of jurisdiction of the district magistrate to review, recall or modify an order passed under Sec.14 of the SARFAESI Act, 2002. By relying on different cases, the court held that the …

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 …

Whether PMLA Prevails Over SARFAESI Act? Supreme Court To Hear SBI's Plea On October 20
3 years, 5 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, 6 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 …

[SARFAESI] Time Limit Stipulation For District Magistrates To Deliver Possession Of Secured Asset Is Not Mandatory: Supreme Court [Read Judgment]
4 years, 4 months ago

[SARFAESI] Time Limit Stipulation For District Magistrates To Deliver Possession Of Secured Asset Is Not Mandatory: Supreme Court [Read Judgment]

Live Law  

The Supreme Court has held that time limit stipulation in Section 14 of the SARFAESI Act mandating the District Magistrate to deliver possession of a secured asset, is directory and not mandatory and that the inability to take possession within time limit does not render the District Magistrate Functus Officio.The bench comprising Justices L. Nageswara Rao, Hemant Gupta and Ajay …

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, 4 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, Debt Recovery & Banking Laws : Recent Important Decisions
4 years, 8 months ago

SARFAESI, Debt Recovery & Banking Laws : Recent Important Decisions

Live Law  

Telangana State Southern Power Distribution Co. Ltd vs M/S Srigdhaa Beverages Where, as in cases of the E-auction notice in question, the existence of electricity dues, whether quantified or not, has been specifically mentioned as a liability of the purchaser and the sale is on "AS IS WHERE IS, WHATEVER THERE IS AND WITHOUT RECOURSE BASIS", there can be no …

Breaking : Chief Judicial Magistrates Competent To Entertain Applications U/s 14 SARFAESI Act: SC [Read Judgment]
5 years, 5 months ago

Breaking : Chief Judicial Magistrates Competent To Entertain Applications U/s 14 SARFAESI Act: SC [Read Judgment]

Live Law  

In an important judgment, the Supreme Court has held that a Chief Judicial Magistrate is equally competent to deal with the application moved by the secured creditor under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act.In this case viz. In an important judgment, the Supreme Court has held that a Chief Judicial …

Additional Chief Judicial Magistrate Can Entertain Application U/s 14 SARFAESI Act: Kerala HC [Read Judgment]
5 years, 8 months ago

Additional Chief Judicial Magistrate Can Entertain Application U/s 14 SARFAESI Act: Kerala HC [Read Judgment]

Live Law  

The Kerala High Court has held that Additional Chief judicial Magistrate will have jurisdiction to entertain an application filed under Section 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. SC Expected To Solve The Confusion Recently, granting leave to directly appeal against a similar order passed by Additional Chief Judicial Magistrate, Ernakulam, the …

Whether Chief Judicial Magistrate Has Jurisdiction To Entertain Applications U/s 14 SARFAESI Act? SC To Examine
5 years, 10 months ago

Whether Chief Judicial Magistrate Has Jurisdiction To Entertain Applications U/s 14 SARFAESI Act? SC To Examine

Live Law  

Granting leave to directly appeal against Chief Judicial Magistrate's order, the Supreme Court noted that there are conflicting views by different High Courts with regard to the jurisdiction of the Chief Judicial Magistrate under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. In that case, it was also noted that Calcutta, Bombay …

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 …

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. …

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]
7 years, 2 months ago

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]

Live Law  

In an important judgment, the Bombay High Court has held that for the purposes of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the District Magistrate or the Chief Metropolitan Magistrate is not a persona designata and the Additional District Magistrate or Additional Chief Metropolitan Magistrate has the same. In an important …

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]
7 years, 2 months ago

For Purpose Of SARFAESI Act, Addl DM/Addl CMM Has Judicial Powers Similar To That Of DM/ CMM: Bombay HC [Read Judgment]

Live Law  

In an important judgment, the Bombay High Court has held that for the purposes of Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the District Magistrate or the Chief Metropolitan Magistrate is not a persona designata and the Additional District Magistrate or Additional Chief Metropolitan Magistrate has the same. In an important …

SC To Examine CJM’s Power To Entertain Applications Under Sec. 14 Of SARFAESI Act
7 years, 3 months ago

SC To Examine CJM’s Power To Entertain Applications Under Sec. 14 Of SARFAESI Act

Live Law  

The Supreme Court will examine the jurisdiction of Chief Judicial Magistrate to entertain the application filed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, in PM Kelukutty & Others vs Young Men’s Christian Association.While considering the special leave petition against the Kerala High Court. While considering the special leave petition …

Auction Purchaser Can Challenge Before DRT Action Of Secured Creditor In Forfeiting Deposit Made By It: SC [Read Judgment]
7 years, 3 months ago

Auction Purchaser Can Challenge Before DRT Action Of Secured Creditor In Forfeiting Deposit Made By It: SC [Read Judgment]

Live Law  

Auction purchaser is entitled to challenge the action of the secured creditor before the DRT by filing an application under Section 17 of the SARFAESI Act, the court held.The Supreme Court, in Agarwal Tracom Pvt Ltd Vs Punjab National Bank, has held that an action of secured creditor in forfeiting the deposit made by the auction purchaser is a part …

Delhi High Court upholds the vires of Section 14 of SARFAESI Act 2002 [Read Judgment]
9 years, 4 months ago

Delhi High Court upholds the vires of Section 14 of SARFAESI Act 2002 [Read Judgment]

Live Law  

A writ petition in Delhi High Court Challenged the provisions of section 14 of the SARFAESI Act as violative of Article 14, 21 and 300A of Constitution of India and liable to be declared unconstitutional.There were two basic contentions by the petitioner, the firstly regarding the Constitutionality of Section 14 and Secondly, whether CMM is obliged to issue notice to …

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 …

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