SARFAESI Act; MAN Industries (India) Limited Vs. Punjab National Bank [Chhattisgarh High Court, 05-12-2017]

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – S. 17 (1) – Auction Purchaser has a remedy of filing appeal u/s. 17(1) of the SARFAESI Act before the Debts Recovery Tribunal questioning the confirmation of auction and other proceeding. 

SARFAESI Act; Prafulla Kumar Maheshwari Vs. Authorized Officer & Chief Manager [Madhya Pradesh High Court, 22-11-2017]

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Section 14 – Security Interest (Enforcement) Rules, 2002 – the powers exercise under Section 14 of the Act of 2002 by the District Magistrate is only an administrative power and not adjudicatory in nature and, thus, authorizing Additional […]

Civil Procedure; HDFC Bank Limited Vs. Ashapura Minechem Limited [Gujarat High Court, 13-10-2017]

Civil Procedure Code, 1908 – O. VII R. 11 – Rejection of the Plaint – The word “shall” used in Order VII Rule 11 also cast duty on the Court to reject the plaint when it is hit by any of the clauses mentioned in Rule 11. [Para 11]

SARFAESI Act; Allahabad Bank Vs. Hemantkumar [Bombay High Court, 20-07-2017]

Code of Civil Procedure, 1908 – O. VII R. 11 (d) – Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – S. 34 – Maintainability of the Suit – Rejection of Plaint – Trial Court should have allowed the application for rejection of the plaint on […]

Recovery; Power Machines India Limited Vs. State of Madhya Pradesh [Supreme Court of India, 17-04-2017]

The procedure for recovery of land revenue envisaged under Rule 5 of the Rules could not be said to be discriminatory, it being quite reasonable procedure. It cannot be said to be harsh or drastic but is quite a reasonable procedure and it furthers the mandate of the Act. The […]

Debt Recovery Tribunals; Centre for Public Interest Litigation Vs. Housing & Urban Development Corporation Ltd. [Supreme Court of India, 03-01-2017]

What steps the Union government intends to adopt to enhance the infrastructure of Debt Recovery Tribunals and the Appellate Tribunals in terms of physical infrastructure, judicial manpower and non-judicial personnel required for the efficacious functioning of the Tribunals.

SARFAESI Act; Robust Hotels Pvt. Ltd. Vs. EIH Limited [Supreme Court of India, 07-12-2016]

A party to the lis or the third party who considers an order passed by a court as voidable or non est, must approach the court of competent jurisdiction to have the said order setaside on such grounds, as may be available in law.

SARFAESI Act; Tom Thomas Vs. State Bank of India Overseas Branch, Willington Island [Kerala High Court, 30-11-2016]

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – It is the prerogative of the creditor to proceed for recovery of its debt in any of the legally permissible modes and against the available securities. It is up to him to choose the easiest mode […]

SARFAESI Act; Uco Bank Vs. Dipak Debbarma [Supreme Court of India, 25-11-2016]

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Tripura Land Revenue and Land Reforms Act, 1960 – Section 187 – State Enactments & Central Enactments – Overriding Effect – Absence of any provision creating a first charge – Embargo on the sale of hypothecated / […]

SARFAESI Act; Sonoma Management Partners Pvt. Ltd. Vs. Bank of Maharashtra [Bombay High Court, 22-11-2016]

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Sales Tax Act, 1969 (Bombay) – S. 38C – Physical possession of the property belonging to the Defaulter Company – Petitioners have purchased the property pursuant to a sale conducted by Nationalized Banks – Sales Tax dues of […]