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Debt means any liability inclusive of interest which is claimed as due from any person under SARFAESI Act: SC
Case Law Details
- Case Name
- Sidha Neelkanth Paper Industries Private Limited Vs Prudent ARC Limited (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Sidha Neelkanth Paper Industries Private Limited Vs Prudent ARC Limited (Supreme Court of India)
Conclusion: The Hon’ble Supreme Court observed in a case where the borrower also challenges the auction sale and does not accept the same and also challenges the steps taken under Section 13(2)/13(4) of the SARFAESI Act with respect to secured assets, the borrower has to deposit 50% of the amount claimed by the secured creditor along with interest as per section 2(g) of the Act 1993 and as per section 2(g), “debt” means any liability inclusive of interest which is claimed as due from any per...
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