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 : Learn how secured creditors can relinquish or realize their security interest during liquidation under IBC, including timelines an...
Corporate Law : Explore how the SARFAESI Act transformed banking practices, enhancing recovery processes while raising concerns about borrowers' r...
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...
Income Tax : The ITAT Mumbai ruled that income earned by a securitisation trust created under the SARFAESI Act was taxable in the hands of Secu...
Corporate Law : The Court held that disputed issues and ongoing statutory proceedings cannot be challenged through a writ petition. It emphasized ...
Corporate Law : The High Court held that DRT orders are appealable under Section 18 of the SARFAESI Act. It ruled that writ jurisdiction cannot be...
Corporate Law : The Tribunal admitted the voluntary insolvency application after examining financial statements, bank records, and other documents...
Corporate Law : The tribunal relied on Supreme Court precedent to hold that a second proceeding cannot be filed when an earlier challenge has been...
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) ...
Fema / RBI : Sale notice for sale of movable properties- E-Auction Sale Notice for Sale of Movable Assets under the Securitisation and Reconstr...
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
Recently I have undertaken an assignment of dealing with the legal proceedings initiated by three nationalized banks under SARFAESI Act of a Corporate Company who are service providers to infrastructure projects initiated by the State Governments and Central Government and some of them are being financed by World Bank and Asian Development Bank.
Where properties attached by Tax Recovery Officer (TRO) had already been subjected to recovery proceedings by a secured creditor under SARFAESI Act, 2002, the attachment order was quashed in view of section 35 of SARFAESI Act which makes it clear that the Act would override other laws and would have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.
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.
This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal, Allahabad
This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal
The SARFAESI (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, was enacted by the Parliament to regulate securitization and reconstruction of financial assets. Further, it also provides enforcement rights to the financial institutions in respect of security interest created on Financial Assets.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (also known as the SARFAESI Act) is an Indian law .It allows banks and other financial institution to auction residential or commercial properties to recover loans.
Sub section (3) of section 14 of SARFAESI Act stipulates that in case the secured creditor or it authorised officer do not act in accordance with the provisions of subsection (4) of section 13 and the rules made thereunder, then such action of the secured creditor taken as per sub-section (4) of section 13 can be made invalid by Debts Recovery Tribunal and pass such order as it may consider appropriate
Fundamental justice is a legal term that signifies a dynamic concept of fairness underlying the administration of justice and its operation, whereas principles of fundamental justice are specific legal principles that command ‘significant societal consensus’ as ‘fundamental to the way in which the legal system ought fairly to operate.’
