Supreme Court of India Judgements

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Category: SARFAESI

SARFAESI

Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Sections 13(4) and 17 – The Court emphasized that the High Court should not entertain petitions under Article 226 when an effective alternative remedy is available, especially in financial recovery matters – The Court reiterated the principle that confirmed auction sales can only be interfered with in cases of fraud or collusion, which were not present in this case – The Supreme Court concluded that the High Court had erred in its decision, and the rights of the auction purchaser should be upheld following the confirmed sale and registration of the property – Appeal Allowed.

Apr 14, 2024 sclaw

2024 INSC 297 SUPREME COURT OF INDIA FULL BENCH PHR INVENT EDUCATIONAL SOCIETY — Appellant Vs. UCO BANK AND OTHERS — Respondent ( Before : B.R. Gavai and Rajesh Bindal…

SARFAESI

Security Interest (Enforcement) Rules, 2002 – Rule 9(5) – Contract Act, 1872 – Sections 73 and 74 – Forfeiture of earnest-money deposit by the secured creditor – Constitutional validity of Rule 9(5) of the SARFAESI Rules is upheld – Any dilution of the forfeiture provided under Rule 9(5) of the SARFAESI Rules would result in the entire auction process under the SARFAESI Act being set at naught by mischievous auction purchaser(s) through sham bids, thereby undermining the overall object of the SARFAESI Act of promoting financial stability, reducing NPAs and fostering a more efficient and streamlined mechanism for recovery of bad debts

Feb 6, 2024 sclaw

SUPREME COURT OF INDIA FULL BENCH THE AUTHORISED OFFICER, CENTRAL BANK OF INDIA — Appellant Vs. SHANMUGAVELU — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud, CJI., J.B. Pardiwala and…

Banking Property Matters SARFAESI

(SARFAESI) – Section 13(8) – Transfer of Property Act, 1882 – Section 60 – Redemption of mortgage – Failure on the part of the borrower in tendering the entire dues including the charges, interest, costs etc. before the publication of the auction notice as required by Section 13(8) of the SARFAESI Act, would also sufficiently constitute extinguishment of right of redemption of mortgage

Oct 1, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH CELIR LLP — Appellant Vs. BAFNA MOTORS (MUMBAI) PVT. LTD. AND OTHERS — Respondent ( Before : Dr. Dhananjaya Y. Chandrachud, CJI. and J.B.…

Limitation SARFAESI

Limitation Act, 1963 – Section 18 – Effect of acknowledgment in writing – Documents relating to acknowledgement claiming benefit of Section 18 were introduced at appellate stage, and such documents being balance sheets and settlement offers, the same could be accepted even at the appellate stage.

Sep 26, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH AXIS BANK LIMITED — Appellant Vs. NAREN SHETH AND ANOTHER — Respondent ( Before : Vikram Nath and Ahsanuddin Amanullah, JJ. ) Civil Appeal…

Customs & Excise I B C SARFAESI

HELD the enactment of section 142A of the Customs Act does confer or create a first charge on the dues ‘payable’ under the Customs Act, notwithstanding provisions under any Central Act, but not in cases covered under Section 529A of the Companies Act, Recovery of Debts Due to Banks and the Financial Institutions Act, 1993, Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 and the Insolvency and Bankruptcy Code, 201

Aug 27, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH INDUSTRIAL DEVELOPMENT BANK OF INDIA (THROUGH STRESSED ASSETS STABILIZATION FUND CONSTITUTED BY THE GOVERNMENT OF INDIA) — Appellant Vs. SUPERINTENDENT OF CENTRAL EXCISE AND…

Banking Constitution SARFAESI

HELD on SARFESAI writs to High courts – – When a statute prescribes a particular mode, an attempt to circumvent shall not be encouraged by a writ court. A litigant cannot avoid the noncompliance of approaching the Tribunal which requires the prescription of fees and use the constitutional remedy as an alternative.

Apr 22, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH M/S. SOUTH INDIAN BANK LTD. AND OTHERS — Appellant Vs. NAVEEN MATHEW PHILIP AND ANOTHER ETC. ETC. — Respondent ( Before : Sanjiv Khanna…

SARFAESI

SARFESAI Act, 2002 – Section 13(2) – If someone has been called upon to participate in the bidding process, the facts must be made clear to the parties for the reason that there is always a high variance between market realizable value and the distress value of the mortgaged property when put to public auction under the provisions of the Act, 2002.

Apr 14, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH MOHD. SHARIQ — Appellant Vs. PUNJAB NATIONAL BANK AND OTHERS — Respondent ( Before : Ajay Rastogi and Bela M. Trivedi, JJ. ) Civil…

SARFAESI

(SARFAESI) – Section 31(i) – Possession and Auction – – once the secured property is put as a security by way of mortgage etc. meaning thereby the same was not treated as agricultural land, such properties cannot be said to be exempted from the provisions of the SARFAESI Act under Section 31(i) of the SARFAESI Act – the borrower to prove that the secured properties were agricultural lands and actually being used as agricultural lands

Jan 10, 2023 sclaw

SUPREME COURT OF INDIA DIVISION BENCH K. SREEDHAR — Appellant Vs. M/S RAUS CONSTRUCTIONS PVT. LTD. AND OTHERS — Respondent ( Before : M.R. Shah and M.M. Sundresh, JJ. )…

You missed

Arbitration Constitution

Arbitration and Conciliation Act 1996 – Sections 34 and 37 – Curative petition – The Court found that the arbitral tribunal’s decision was not perverse or irrational and that the CMRS certificate did not conclusively prove that defects were cured within the cure period – The Court emphasized the tribunal’s domain to interpret the contract and the limited scope of judicial interference in arbitral awards – The Supreme Court concluded that the curative petition was maintainable and that there was no miscarriage of justice in restoring the arbitral award.

Apr 14, 2024 sclaw
Acquittal

Penal Code, 1860 (IPC) – Section 302, read with 34 – Murder – The Supreme Court found that the High Court did not properly address whether the Trial Court’s acquittal was a plausible conclusion from the evidence – The Supreme Court emphasized that the burden of proof lies with the prosecution and that the accused do not have to prove their innocence unless there is a statutory reverse onus – The Supreme Court concluded that the evidence did not warrant overturning the acquittal, as the Trial Court’s view was possible and not perverse.

Apr 14, 2024 sclaw
I P C

Penal Code, 1860 (IPC) – Section 302 – Murder – Dispute over a blocked pathway – The Court found no evidence of provocation by the deceased that would justify the appellants’ brutal attack, nor any exercise of the right to private defence – The Court applied principles from previous judgments to determine the lack of private defence and the presence of intention to cause harm – The Supreme Court concluded that the appellants’ actions were not in self-defence and that their intention was to inflict harm, affirming the lower courts’ decisions.

Apr 14, 2024 sclaw
Consumer

Consumer Law – Insurance Act, 1938 – Section 45 – Policy not to be called in question on ground of mis-statement after two years – The Court found no suppression of material facts and criticized the NCDRC for not requiring proper evidence from the respondent – The judgment discusses the principles of ‘uberrimae fidei’ (utmost good faith) and the burden of proof in insurance contracts – The Court concluded that the insurance company failed to prove the alleged suppression of facts, thus the repudiation was unjustified.

Apr 14, 2024 sclaw