Category: SARFAESI

(SARFAESI) – Section 18 – Pre-deposit – Whether, while calculating the amount to be deposited as pre-deposit under Section 18 of the SARFAESI Act, 50% of which amount the borrower is required to deposit as pre-deposit? – in a case where both are under challenge, namely, steps taken under Section 13(4) against the secured assets and also the auction sale of the secured assets, in that case, the “debt due” shall mean any liability (inclusive of interest) which is claimed as due from any person, whichever is higher.

SUPREME COURT OF INDIA DIVISION BENCH M/S SIDHA NEELKANTH PAPER INDUSTRIES PRIVATE LIMITED AND ANOTHER — Appellant Vs. PRUDENT ARC LIMITED AND OTHERS — Respondent ( Before : M.R. Shah…

HELD per Section 54 of the Transfer of Property Act the seller was bound to disclose any buyer any material defect in the property of which the buyer is not aware and which the buyer could not ordinarily discover. Under the circumstances also the submission on behalf of the Bank that the property was put to auction on “as is where is” and “as is what is” condition, thereafter the plaintiff shall not be entitled to compensation of the less area cannot be accepted.

SUPREME COURT OF INDIA DIVISION BENCH MRS. LEELAMMA MATHEW — Appellant Vs. M/S INDIAN OVERSEAS BANK AND OTHERS — Respondent ( Before : M.R. Shah and Krishna Murari, JJ. )…

(SARFAESI) – Section 13(2) – Proceedings under Section 13(2) SARFAESI Act – mere typographical error due to inadvertence which has not caused any prejudice to the borrowers, that in itself could not be considered to be the ground to annul the process held by the secured creditor which is in due compliance with the requirement as contemplated under the provisions of Security Interest (Enforcement) Rules, 2002.

SUPREME COURT OF INDIA DIVISION BENCH VARIMADUGU OBI REDDY — Appellant Vs. B. SREENIVASULU AND OTHERS — Respondent ( Before : Ajay Rastogi and C.T. Ravikumar, JJ. ) Civil Appeal…

Application under Section 14 SARFAESI Act – District Magistrate (DM)/Chief Metropolitan Magistrate (CMM) 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.

SUPREME COURT OF INDIA DIVISON BENCH BALKRISHNA RAMA TARLE DEAD THR LRS AND ANOTHER — Appellant Vs. PHOENIX ARC PRIVATE LIMITED AND OTHERS — Respondent ( Before : M.R. Shah…