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Proviso (v) To Section 14(1) SARFAESI Act is Valid Constitutionally
Case Law Details
- Case Name
- Kumaresh K Vs Union Of India and Other (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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Kumaresh K Vs Union Of India and Other (Karnataka High Court)
It is evident that Section 14(1)(v) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) provides that an application which may be submitted by the secured creditor shall be accompanied by an affidavit duly affirmed by authorized officer of the secured creditor declaring that consequent upon default of repayment of the financial assistance the account of the borrower has been classified as a Non-Performing Asset. Section 2(1)(o) of the Act defines the expression ̵...
