Corporate Law : SARFAESI Act of 2002 addresses India's non-performing assets. Section 13 empowers secured creditors to enforce security interests ...
Goods and Services Tax : Explore the Madras High Court ruling on allowing Input Tax Credit without physical invoices, emphasizing electronic records for GS...
Fema / RBI : Get answers to common queries about displaying secured assets under SARFAESI Act 2002. Learn about asset disclosure, updates, and ...
Corporate Law : Read how Bombay High Court's recent judgment issued crucial directives for swift processing of creditors' applications under SARFA...
Corporate Law : Article examining the two approaches Financial Institutions in India use for vehicle seizure: traditional vs. SARFAESI methods. Ex...
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 : The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill,...
Corporate Law : Bombay High Court held that security creditor who has registered its claim against secure assets with the Central Registry of Secu...
Corporate Law : Legal analysis of SARFAESI Act: Exemption from stamp duty for documents favoring asset reconstruction. Case: Assets Care Vs Ankit ...
Corporate Law : Kerala High Court rules that a secured creditor cannot proceed under SARFAESI Act if a civil suit for recovery has been dismissed ...
Corporate Law : Kerala High Court intervenes in coercive recovery proceedings against petitioners for financial advance default, granting time for...
Corporate Law : In Govind Kumar Sharma & Anr Vs Bank of Baroda case, Supreme Court sets aside auction sale under SARFAESI Act due to procedural la...
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...
Corporate Law : Central Government hereby makes the following amendments in the notification of the Government of India, in the Ministry of Financ...
Debts Recovery Tribunals (DRTs), in some recent cases, have dismissed certain Securitisation Applications (SAs) on a peculiar ground of prematurity- ‘no loss of possession of the secured asset’. In the opinion of these DRTs, where neither the symbolic nor the actual physical possession of the immovable property/secured asset was taken by the secured creditor, but only intimation notices to take physical possession of such property were issued by the court receiver appointed under Section 14 of the SARFAESI Act, 2002, the SAs challenging such intimation notices were premature.
Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (SARFAESI) is basically is an act which provides different options to Banks and Financial Institutions for resolving their non performing assets and it is also an effective tool in the hands of the lenders to enforce the security interest and recover the […]
Kumaresh K Vs Union Of India and Other (Karnataka High Court) It is evident that Section 14(1)(v) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) provides that an application which may be submitted by the secured creditor shall be accompanied by an affidavit duly affirmed by authorized […]
CA. Manisha Mehta Vs The Board of Directors of Represented by its Managing Director of ICICI Bank and ors. (Bombay High Court) The main prayer of the petitioners is for a declaration that natural justice should be read into section 14 of the SARFAESI Act. The SARFAESI Act is intended to facilitate quick recovery of […]
Poorti Rent a Car and Logistics Pvt. Ltd. Vs Kotak Mahindra Bank Ltd. (Bombay High Court) Provisions of the SARFAESI Act can be applied even in respect of loan agreements entered into before such enactment was brought into force, we see nothing in any law to hold that the provisions thereof can never be resorted […]
Bank of Baroda Vs Karwa Trading Company (Supreme Court of India) SC held that Section 17 of the SARFAESI Act was not justified in directing to release the mortgaged property and handover the possession along with the original title deeds to the borrower on payment of Rs.48.65 lakhs only which was the base price/ reserve […]
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 […]
