SARFAESI Act can be applied even in respect of loan agreements entered into before it was brought into force

Poorti Rent a Car and Logistics Pvt. Ltd. Vs Kotak Mahindra Bank Ltd. (Bombay High Court)

Provisions of the SARFAESI Act can be applied even in respect of loan agreements entered into before such enactment was brought into force, we see nothing in any law to hold that the provisions thereof can never be resorted to by a bank like the respondent no.1 in circumstances such as the present. Upon noticing default being committed, the account of the petitioners was classified as a non­performing asset by the respondent no.1. The

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