The Allahabad High Court has held that jurisdiction of the Debt Recovery Tribunal to entertain application under Section 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 cannot be based solely on the location of the secured asset. The Court held that the insertion of Section 17 of the SARFAESI Act has an overriding …
A division bench of the Bombay High Court has delivered an elaborate judgment on the issue of the jurisdiction of the civil courts vis-a-vis the Debts Recovery Tribunal with respect to the security interest under the SARFAESI Act.A division bench comprising Justices SB Shurke and Avinash G Gharote was deciding the following question which was referred to in view of …
This article is primarily in relation to the Original Applications filed by banks and Financial Institutions in Debt Recovery Tribunals under the provisions of Recovery of Debt and Bankruptcy Act, 1993 Pendente Lite period means the period from the date of filing of the suit upto the date of judgment. RDB Act, 1993 vide Section 19 provides about the payment …
