Corporate Law - Article examining the two approaches Financial Institutions in India use for vehicle seizure: traditional vs. SARFAESI methods. Explore how Indian Judiciary's stance influences industry practices in vehicle impounding....
Corporate Law - Supreme Court held that dues under Micro, Small, and Medium Enterprises Development Act, 2006 would not prevail over SARFAESI Act....
Corporate Law - Both the Micro, Small, and Medium Enterprises Development Act 2006 (MSMED Act) and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) contain non-obstante clauses and often cause confusion with respect to their applicability....
Corporate Law - ABSTRACT: The present article discusses “The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act)” and its impact i.e., positive or negative on an issue of non-performing assets (NPAs). This article takes into consideration all the aspects related to features, benefits, and crit...
Corporate Law - Recently, the Delhi High Court in the case of Rajiv Chakraborty vs Enforcement Directorate revisited the issue pertaining to the tussle between the Prevention on Money Laundering Act 2002, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, and Insolvency and Bankruptcy Code 2016 and emphas...
Corporate Law - There is no mention of the term re-sealing of property in SARFAESI Act, 2022 and the Recovery of Debts and Bankruptcy (RDB) Act, 1993...
Corporate Law - The Central Govt has initiated formulation of laws to secure prudential banking & help effect a culture of credit discipline including Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted to create a unified framework for resolving insolvency and bankruptcy matters. IBC,by adopting a creditor-in-saddle approach,with the interim...
Corporate Law - The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore as on 31.3.2014, as per the Global Operations Data of the Reserve Bank of India (RBI). As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lendi...
Corporate Law - 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....
Corporate Law - 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...
Axis Bank Limited Vs Naren Sheth & Anr. (Supreme Court of India) - Supreme Court held that the documents relating to acknowledgement claiming benefit of Section 18 of the Limitation Act can be accepted even at the appellate stage. Further, acknowledgment of debt in the balance sheet has been held to be a valid acknowledgment for the benefit of Section 18 of the Lim...
Surajkumar & Sons Vs ITO (ITAT Mumbai) - ITAT Mumbai held that the assessee not entitled to deduction u/s 48(i) of the Act for repayment of the mortgage debt which was incurred subsequent to the acquisition of the property and not for the purpose of acquisition....
State Bank of India Vs State of Kerala Rep (Kerala High Court) - Kerala High Court held that a secured creditor, under Section 26E of the SARFAESI Act and Section 31B of the RDB Act, obtains priority over the right claimed by the Revenue both in proceeding against the properties in question or in recovering the secured debt....
Dynamic Sales Vs District Magistrate Solan & Ors (Himachal Pradesh High Court) - Himachal Pradesh High Court dismissed the petition stating that writ petition assailing initiation of proceedings under section 13(4) of SARFAESI Act is not maintainable as aggrieved party has a remedy of an appeal under Section 17 of SARFAESI Act to approach the Debt Recovery Tribunal....
Shailesh K Bothra Vs State of Maharashtra (Bombay High Court) - Bombay High Court held that after the recognition of the first charge of the assessee as a secured creditor, the charge of the Sales Tax Department to recover the sales tax dues would be valid....
Notification No. S.O. 2405(E) - (17/06/2021) - Central Government hereby specifies such housing financial companies registered under sub-section (5) of section 29A of the National Housing Bank Act, 1987 (53 of 1987), having assets worth rupees one hundred crore and above, as financial institutions for the purposes of the Securitisation and Recon...
Notification No. G.S.R. 45(E). - (24/01/2020) - Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 24th January, 2020 G.S.R. 45(E).—In exercise of powers confe...
Notification No. G.S.R. 1040(E) - (17/10/2018) - Sale notice for sale of movable properties- E-Auction Sale Notice for Sale of Movable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 6(2) of the Security Interest (Enforcement) Rules, 2002...
Notification No. S.O. 2300(E) - (06/06/2018) - Central Government hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Financial Services), number S.O. 2641(E), dated the 5th August, 2016, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (...
F. No. 1(380)/DIT(R)/SARFAESI/ 17-18/ - (06/09/2017) - The SARFAESI Act has been amended on 12-08-2016 to extend the scope of the Act to provide for registration of security interest held by all other creditors, in addition to the banks and financial institutions defined as secured creditors under the Act. T...
Axis Bank Limited Vs Naren Sheth & Anr. (Supreme Court of India) -
Surajkumar & Sons Vs ITO (ITAT Mumbai) -
State Bank of India Vs State of Kerala Rep (Kerala High Court) -
Dynamic Sales Vs District Magistrate Solan & Ors (Himachal Pradesh High Court) -
Shailesh K Bothra Vs State of Maharashtra (Bombay High Court) -