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 ...
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Corporate Law : Supreme Court held that a Section 7 IBC application can proceed despite pending winding-up proceedings where no irreversible stage...
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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) ...
The appellate tribunal upheld cancellation of the auction after finding that possession and sale notices were not properly served. It ruled that recovery actions without statutory compliance cannot be sustained.
The tribunal ruled that buying property through a court-supervised auction does not shield a transaction from benami law. Where the lender’s creditworthiness and real source of funds are unproven, provisional attachment is valid.
The SAFEMA Appellate Tribunal held that property attachment under PMLA requires prima facie proof of a money trail. Mere suspicion or association with accused persons is insufficient to sustain attachment.
The Tribunal held that holding and operating a foreign bank account without RBI approval is a continuing contravention under FEMA. Subsequent repatriation or tax disclosure does not wipe out liability, and penalties were upheld.
The Tribunal held that the SARFAESI notice constituted a valid invocation of the guarantee and admitted the insolvency process. It ruled that the arbitral award refreshed limitation and objections on maintainability could not stand.
The Tribunal ruled that a car financed partly through unexplained cash could be attached under PMLA, even though a bank held a secured interest, reinforcing that tainted funds justify attachment.
The Tribunal found that statutory procedures for issuing demand, possession, and sale notices were properly followed by the bank. It observed that the borrowers provided no valuation report or evidence supporting their claim of undervaluation. The auction was therefore sustained as legally valid.
The Tribunal confirmed the dismissal of an SA challenging symbolic possession under SARFAESI. Notices were sent to the guarantor, borrower, and spouse, with proper affixture and newspaper publication. The case emphasizes the importance of timely communication and procedural compliance in recovery proceedings.
The High Court directed the lower court to decide the pending Section 14 SARFAESI application within two months. The ruling emphasizes timely adjudication without touching the merits.
The High Court refused to entertain the challenge to a sale notice, holding that the petitioner must pursue the statutory remedy under Section 17 of the SARFAESI Act. The ruling reiterates that writ jurisdiction cannot be invoked when an effective alternative remedy exists.
