Category: SARFAESI

SARFAESI – Section 14(1A) – Taking of Possession of Secured Assets and Documents – Held, An advocate is and must be regarded as an officer of the court and subordinate to the CMM/DM for the purposes of Section 14(1A) of the 2002 Act – It is open to the District Magistrate (DM) or the Chief Metropolitan Magistrate (CMM) to appoint an advocate and authorise him/her to take possession of the secured assets and documents relating thereto

SUPREME COURT OF INDIA DIVISION BENCH NKGSB COOPERATIVE BANK LIMITED — Appellant Vs. SUBIR CHAKRAVARTY AND OTHERS — Respondent ( Before : A.M. Khanwilkar and C.T. Ravikumar, JJ. ) Civil…

Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 – Sections 13(4) and 17 – Writ petitions against the notice under Section 13(4) of the SARFAESI Act was not required to be entertained by the High Court – Filing of the writ petition by the borrowers before the High Court is nothing but an abuse of process of Court

SUPREME COURT OF INDIA DIVISION BENCH PHOENIX ARC PRIVATE LIMITED — Appellant Vs. VISHWA BHARATI VIDYA MANDIR AND OTHERS — Respondent ( Before : M.R. Shah and B.V. Nagarathna, JJ.…

Constitution of India, 1950 – Article 226 – Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Non-Performing Asset – Recovery of loan by auction of mortgaged property – Appeal against order of high court granting benefit under the One Time Settlement (OTS) Scheme – No writ of mandamus can be issued by the High Court in exercise of powers under Article 226 of the Constitution of India, directing a financial institution/bank to positively grant the benefit of One Time Settlement (OTS) Scheme to a borrower

SUPREME COURT OF INDIA DIVISION BENCH THE BIJNOR URBAN COOPERATIVE BANK LIMITED, BIJNOR AND OTHERS — Appellant Vs. MEENAL AGARWAL AND OTHERS — Respondent ( Before : M.R. Shah and…

(SARFAESI) – Section 34 – Civil suit is attracted allegations of ‘fraud’ are made without any particulars – Suit was not maintainable in view of the bar contained under Section 34 of the SARFAESI Act – Except the words used ‘fraud’/’fraudulent’ there are no specific particulars pleaded with respect to the ‘fraud’. It appears that by a clever drafting and using the words ‘fraud’/’fraudulent’ without any specific particulars with respect to the ‘fraud’,. Suit not maintainable

SUPREME COURT OF INDIA DIVISION BENCH ELECTROSTEEL CASTINGS LIMITED — Appellant Vs. UV ASSET RECONSTRUCTION COMPANY LIMITED AND OTHERS — Respondent ( Before : M.R. Shah and Sanjiv Khanna, JJ.…

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