Case Law Details
Case Name : Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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Asset Reconstruction Co. (India) Ltd. Vs Chief Controlling Revenue Authority (Supreme Court of India)
The High Court overlooked the fact that there was no independent instrument of PoA and that in any case, the power of sale of a secured asset flowed out of the provisions of the Securitisation Act, 2002 and not out of an independent instrument of PoA. Section 2(zd) of the Securitisation Act, 2002 defines a ‘secured creditor’ to mean and include an Asset Reconstruction Company. The appellant has acquired the financial assets of OBC in terms of Section 5(1)(b) of the Securitisation Act, 2002...
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very clear and good article easy to understand. Thank you