Corporate Law : The Supreme Court held that borrowers lose their statutory right of redemption once a valid auction notice is published under Sect...
Finance : The article explores how the SARFAESI Act empowers banks to recover dues efficiently while highlighting the procedural safeguards ...
Finance : The paper shows that loan fraud persists due to enforcement failures, not lack of legal provisions. It highlights delays in detect...
Corporate Law : The Court held that insolvency proceedings cannot be invoked after completion of SARFAESI auction to stall recovery. It clarified ...
Corporate Law : Learn the critical protections available to borrowers facing recovery actions, including notice, appeal, and redemption rights, to...
Corporate Law : Ministry of Finance addresses Lok Sabha questions on misuse of SARFAESI Act, detailing existing safeguards for borrowers and regul...
Finance : There is no mention of the term re-sealing of property in SARFAESI Act, 2022 and the Recovery of Debts and Bankruptcy (RDB) Act, 1...
Corporate Law : The Central Govt has initiated formulation of laws to secure prudential banking & help effect a culture of credit discipline i...
Fema / RBI : 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...
Fema / RBI : It is widely felt that the spectre of high-value economic offenders absconding from India to defy the legal process seriously unde...
Corporate Law : Supreme Court held that a Section 7 IBC application can proceed despite pending winding-up proceedings where no irreversible stage...
Corporate Law : Madras HC held that a pending NCLAT appeal did not prevent PNB from conducting a Swiss Challenge auction after the OTS proposal wa...
Corporate Law : DRT Chandigarh quashed the auction after finding the bank failed to maintain the mandatory 15-day notice period before sale....
Corporate Law : The DRAT upheld the DRT's refusal to accept the settlement after finding that the bank had not complied with the final order direc...
Corporate Law : The Supreme Court held that High Courts should ordinarily refrain from entertaining writ petitions in SARFAESI matters where an ef...
Corporate Law : IBBI held that an Insolvency Professional cannot delay constitution of the Committee of Creditors based on settlement discussions ...
CA, CS, CMA : CA. Ravish Maniyar found guilty of professional misconduct by ICAI for failing to disclose pending SARFAESI proceedings in an audi...
Fema / RBI : Reserve Bank of India (RBI) has issued Circular RBI/2023-24/63 on September 25, 2023, addressing the display of information relate...
Finance : Central Government hereby specifies such housing financial companies registered under sub-section (5) of section 29A of the Nation...
Corporate Law : Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) ...
Punjab National Bank Vs Union of India & Ors. (Supreme Court of India) Evidently, prior to insertion of Section 11E in the Central Excise Act, 1944 w.e.f. 08.04.2011, there was no provision in the Act of 1944 inter alia, providing for First Charge on the property of the Assessee or any person under the Act […]
RERA authority has the jurisdiction to entertain a complaint by an aggrieved person against the bank as a secured creditor if the bank takes recourse to any of the provisions contained in Section 13(4) of the SARFAESI Act.
Tajunissa Vs Mr. Vishal Sharma (Delhi High Court) Statutory proscription engrafted in Section 34 of the SARFAESI Act, therefore, the Supreme Court has, in the afore-extracted passage from Mardia Chemicals, chiseled out an exception, in a case in which for example, the action of the secured creditor is alleged to be fraudulent or his claim […]
Note on Section 13 of SARFAESI Act, 2002 ENFORCEMENT OF SECURITY INTEREST 1. any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor. 2. When SARFAESI trigger: A. borrower, who is under a liability to a secured creditor B. under a […]
The Hon’ble Supreme in the current matter observed that there was indeed a creation of a secured debt in favour of the State Bank of India which was later transferred to the Respondent. Noted, the Respondent cannot be prevented from exercising its rights as a secured creditor on the pretext that there was a debt to the Excise Government arising from a confiscation order.
Edelweiss Asset Reconstruction Co. Ltd. Vs Tax Recovery Officer (Bombay High Court) The moot issue arising herein, whether the secured debt assigned in favour of Petitioner (Edelweiss Asset Reconstruction Co. Ltd.) has a priority over Government dues/tax dues, is, no longer res integra. The Supreme Court in the case of Bombay Stock Exchange Vs. V. […]
The Petitioner is an assignee of right, title and interest of the credit facilities to Borrower which is now in liquidation and the Petitioner has a secured and a prior charge over the attached properties of the Borrower. The Petitioner, due to the prior charge, has been aggrieved by the order of the Respondent which is seeking Income Tax dues from the Borrower.
Hemraj Ratnakar Salian Vs. HDFC Bank Ltd. & Ors. (Supreme Court) In the present case, first of all there is a serious doubt as to the bona fide of the tenant, as there is no good or sufficient evidence to establish the tenancy of the appellant. According to the appellant, he is a tenant of […]
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 Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. […]
Constitutional Validity of SARFAESI Act of 2002 tested under ‘Mardia Chemicals vs. Union of India’ Introduction: ♦ The constitutional validity of SARFAESI was assailed, in particular Sections 13, 15, 17, 34 on the basis that these sections are unreasonable and arbitrary. ♦ IDBI Bank served a notice upon Mardia when the Act came into force. […]
