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) ...
MEANING OF FINANCIAL CREDITOR Financial Creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to. HOW THE FINANCIAL CREDITOR FILE APPLICATION TO NATIONAL COMPANY LAW TRIBUNAL (NCLT)? The process for filing application by a financial creditor is defined under […]
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 resolution professional taking-over management of affairs of […]
Introduction Introduction of INSOLVENCY AND BANKRUPTCY CODE, 2016 has done away with overlapping provisions contained in The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFAESI ACT) 2002. Let’s distinguish between both Acts. SARFAESI Act The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (also known as the SARFAESI […]
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
Amendment to SARFAESI Act introduced in 2013 brought out certain changes in the Act wherein under section 14 compulsory filing of an affidavit by the secured creditor through their Authorised Officer with the District Magistrate / Chief Metropolitan Magistrate, as the case may be, to take possession of the secured assets is introduced.
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 lending […]
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 (ii) namely:-
Though the case has a chequered history and the facts are long the matter lies within a short compass. The core question is one relating to the maintainability of the suit, viz., O.S. No.106 of 2009 filed by the second respondent – Nandini seeking partition wherein the order of injunction was passed.
1. Representation/objection to notice u/s 13(2) before banks The most Important section of Sarfaesi Act is section 13(2), which provides that if a borrower who is under a liability to a secured creditor, makes any default in repayment of secured debt and his account in respect of such debt is classified as non-performing asset, then […]
SYMBOLIC V/S PHYSICAL POSSESSION OF THE ASSETS One of the issues in enforcing the Sarfaesi Act, 2002 is whether the bank should obtain de facto possession/actual physical possession before putting the immovable property to sale under section 13(4) of the Act or should it contend with the symbolic possession under the same section. Section 13(6) […]
