SARFAESI Act

Management of NPA: Who is Responsible for Account Becoming NPA?

Fema / RBI - Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Developmen...

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Whether Provision of SARFAESI Act applicable to Jammu & Kashmir State?

Fema / RBI - The SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, was enacted by the Parliament to regulate securitization and reconstruction of financial assets. Further, it also provides enforcement rights to the financial institutions in respect of security interest created on Financia...

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Highlights of SARFAESI Act, 2002

Fema / RBI - The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law .It allows banks and other financial institution to auction residential or commercial properties to recover loans....

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SARFAESI Act: Section 17(1) – An Efficacious Alternative

Fema / RBI - Sub section (3) of section 14 of SARFAESI Act stipulates that in case the secured creditor or it authorised officer do not act in accordance with the provisions of subsection (4) of section 13 and the rules made thereunder, then such action of the secured creditor taken as per sub-section (4) of section 13 can be made invalid by Debts Rec...

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SARFAESI Act- Where Principle of Natural Justice has Gone?

Fema / RBI - Fundamental justice is a legal term that signifies a dynamic concept of fairness underlying the administration of justice and its operation, whereas principles of fundamental justice are specific legal principles that command ‘significant societal consensus’ as ‘fundamental to the way in which the legal system ought fairly to operat...

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Draft ‘Fugitive Economic Offenders Bill, 2017’ -Govt invite comments

Fema / RBI - It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India. It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed....

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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved

Fema / RBI - The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursement to retail investors, home loan borrowers, e...

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TRO cannot attach property subjected to SARFAESI recovery proceedings

State Bank of India & Anr. Vs ITO (Orissa High Court) - Where properties attached by Tax Recovery Officer (TRO) had already been subjected to recovery proceedings by a secured creditor under SARFAESI Act, 2002, the attachment order was quashed in view of section 35 of SARFAESI Act which makes it clear that the Act would override other laws and would have...

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Even when mortgaged property belongs to guarantor, borrower would be a person aggrieved for filing appeal U/s. 17 of SARFAESI Act, 2002

Manik Mehta Vs UCO Bank, & others (Chhattisgarh High Court) - This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appel...

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Borrower can Appeal to DRT even If Mortgaged property belongs to Guarantor

Manik Mehta Vs UCO Bank (Chhattisgarh High Court) - This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appel...

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Publishing loan defaulter’s photos in newspapers is illegal

Ujjal Kumar Das & Anr. Vs State Bank of India & Ors. (Calcutta High Court) - Whether or not a secured creditor, which has initiated action for enforcement of its security interest in terms of the provisions of the Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act, 2002...

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Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002

RBI/2010-2011/545 DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 - (25/05/2011) - DNBS (PD) CC. No. 24/SCRC/26.03.001/2010-2011 - Pursuant to the announcement made by the Finance Minister in the budget speech for 2011-12, Government of India, Ministry of Finance notified the establishment of the Central Registry vide notification F. No. 56/05/2007-BO-II dated March 31, 2011. The ...

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SARFAESI Act’s Popular Posts

Recent Posts in "SARFAESI Act"

Management of NPA: Who is Responsible for Account Becoming NPA?

Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Developmen...

Read More
Posted Under: Corporate Law |

TRO cannot attach property subjected to SARFAESI recovery proceedings

State Bank of India & Anr. Vs ITO (Orissa High Court)

Where properties attached by Tax Recovery Officer (TRO) had already been subjected to recovery proceedings by a secured creditor under SARFAESI Act, 2002, the attachment order was quashed in view of section 35 of SARFAESI Act which makes it clear that the Act would override other laws and would have effect notwithstanding anything inconsi...

Read More

Draft ‘Fugitive Economic Offenders Bill, 2017’ -Govt invite comments

It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously undermines the rule of law in India. It is, therefore, felt necessary to provide an effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed....

Read More
Posted Under: Corporate Law |

Even when mortgaged property belongs to guarantor, borrower would be a person aggrieved for filing appeal U/s. 17 of SARFAESI Act, 2002

Manik Mehta Vs UCO Bank, & others (Chhattisgarh High Court)

This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal...

Read More

Borrower can Appeal to DRT even If Mortgaged property belongs to Guarantor

Manik Mehta Vs UCO Bank (Chhattisgarh High Court)

This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal, Allahabad...

Read More

Whether Provision of SARFAESI Act applicable to Jammu & Kashmir State?

The SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, was enacted by the Parliament to regulate securitization and reconstruction of financial assets. Further, it also provides enforcement rights to the financial institutions in respect of security interest created on Financia...

Read More
Posted Under: Corporate Law |

Highlights of SARFAESI Act, 2002

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law .It allows banks and other financial institution to auction residential or commercial properties to recover loans....

Read More

SARFAESI Act: Section 17(1) – An Efficacious Alternative

Sub section (3) of section 14 of SARFAESI Act stipulates that in case the secured creditor or it authorised officer do not act in accordance with the provisions of subsection (4) of section 13 and the rules made thereunder, then such action of the secured creditor taken as per sub-section (4) of section 13 can be made invalid by Debts Rec...

Read More
Posted Under: Corporate Law |

SARFAESI Act- Where Principle of Natural Justice has Gone?

Fundamental justice is a legal term that signifies a dynamic concept of fairness underlying the administration of justice and its operation, whereas principles of fundamental justice are specific legal principles that command ‘significant societal consensus’ as ‘fundamental to the way in which the legal system ought fairly to operat...

Read More
Posted Under: Corporate Law |

Comparison: SARFAESI Act & Amendment Bill 2016

In this write-up we have analysed the amendments proposed vide The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 which are specific to the SARFAESI Act, 2002 and their impact:...

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Posted Under: Corporate Law |
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