SARFAESI

Overview of SARFAESI Act 2002 & Note on process of Enforcement of Security Interest under Section 13

Corporate Law - The right of the secured creditor to enforce the security interest under the SARFAESI Act does not arise unless the account of the borrower has been classified as an NPA in the books of account of the secured creditor (banks or financial institutions) in accordance with the guidelines issued by the Reserve Bank of India (RBI)....

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Recovery of debts due to Banks & Financial institutions Act, 1993- Important facts

Corporate Law - We are fifth largest developing economy in the world and just left behind UK and France few days back. We are second largest country in the world in case of population. We have largest young skilled workforce in the world. For sustainable development of a country a sound and perfect, protected system of banking is […]...

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Procedure For Filing Application by Financial Creditor under IBC

Corporate Law - 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 def...

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Management of NPA: Who is Responsible for Account Becoming NPA?

Corporate Law - 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 Developmen...

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Whether Provision of SARFAESI Act applicable to Jammu & Kashmir State?

Corporate Law - 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 Financia...

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Control and resolution of NPAs

Corporate Law -  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 lendi...

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To recover loans bank showing defaulting customers fear of reporting their name to the Credit Information Bureau

Corporate Law - To recover dues, bankers are trying to put the fear of God into obstinate defaulters to pay up. And how? By making it plain that they could get reported to the Credit Information Bureau, bankers have been able to achieve a modicum of success in recov...

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SARFAESI Act may be amended for faster seizure of Assets of Loan defaulters

Corporate Law - The government plans to tweak laws to facilitate seizure of assets from defaulting borrowers to help banks reduce non-performing assets, which are on the rise after the recent economic downturn.The finance ministry is expected to move a proposal before the cabinet suggesting changes in the Securitisation and Reconstruction Of Financial As...

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Difference between Insolvency and bankruptcy

Corporate Law - A reference to the Twilight Zone to many readers may evoke associations with the classic television series and film about strange and bizarre events. he general connotation, that of a transitional or ambiguous condition, has more serious implications in the business world – it is the Zone of Insolvency from which the companies emerge or...

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Fraudsters would soon find it difficult to raise multiple loans against the same property

Corporate Law - Fraudsters would soon find it difficult to raise multiple loans against the same property with the budget setting aside Rs 25 crore for a Central Electronic Registry. The Central Electronic Registry (CER) would be a database of all all mortgages and the banks that have a charge. So in future when a borrower seeks to avail a loan against a...

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HC stays attachment of Properties by ED after approval of resolution plan by NCLT

Union Bank of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) - Union Bank Of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) Considering the fact that the resolution plan has already been approved in this matter, and that the ED’s order of provisional attachment of the properties of Respondent No. 4 has been passed after the approval of th...

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NCLT dismisses CIRP filed by Neesa Infrastructure Limited

M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT) - M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT) Advocate, Mr. Nipun Singhvi appeared on behalf of the Respondent. The order is pronounced in the open court, vide separate sheet. 1. Sanjay Gupta, claiming himself to be the authorised signatory, on behalf of M/s. Neesa Infrastructure L...

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SARFAESI: Only secured creditors can initiate action against borrower

Trishul Developers Vs L & T Housing Finance Limited (Karnataka High Court) - SARFAESI Act provides only secured creditors to initiate action against the borrower and a demand made by a person or legal entity who was not the secured creditor was definitely prejudicial to the interest of assessee....

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HC refuses to entertain writ petition filed, as an alternative remedy was available U/s.17 of SARFAESI Act, 2002

M/S Kanika Swami Vs State Of U.P. (Allahabad High Court) - In the present case, the petitioner has not made any representation under Section 13 (13-A) of the SARFAESI Act, 2002 before the bank and has approached this Court by-passing statutory mechanism which has been disapproved by the Supreme Court in the case of Devi Ispat Limited and another Vs. State B...

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TRO cannot attach property subjected to SARFAESI recovery proceedings

State Bank of India & Anr. Vs ITO (Orissa High Court) - 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...

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SARFAESI (Central Registry) (Amendment) Rules, 2020

Notification No. G.S.R. 45(E). - (24/01/2020) - Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 24th January, 2020 G.S.R. 45(E).—In exercise of powers confe...

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Security Interest (Enforcement) Amendment Rules, 2018

Notification No. G.S.R. 1040(E) - (17/10/2018) - 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...

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Govt amends SARFAESI notification number S.O. 2641(E), dated 05.08.2016

Notification No. S.O. 2300(E) - (06/06/2018) - 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 (...

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SARFAESI – RBI's Master Circular dated 1-7-2011 on Directions/instructions issued to the Securitisation Companies/Reconstruction Companies

CIRCULAR NO. DNBS (PD) CC. NO. 27/SCRC/26.03.001/2011-2012 - (01/07/2011) - As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the Bank to Securitisation Companies/Reconstruction Companies updated as on June 30, 2011 is reproduced below (Anne...

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RBI’s Master Circular dated 1-7-2011 on Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

CIRCULAR NO. DNBS (PD) CC. NO. 25/SCRC/26.03.001/2011-2012 - (01/07/2011) - As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. The instructions contained in the Notification No. DNBS.2/CGM(CSM)-2003, dated April 23, 2003 updated as on June 30, 2011 are reproduced below (A...

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Recent Posts in "SARFAESI"

HC stays attachment of Properties by ED after approval of resolution plan by NCLT

Union Bank of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court)

Union Bank Of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) Considering the fact that the resolution plan has already been approved in this matter, and that the ED’s order of provisional attachment of the properties of Respondent No. 4 has been passed after the approval of the resolution plan […]...

Read More

Overview of SARFAESI Act 2002 & Note on process of Enforcement of Security Interest under Section 13

The right of the secured creditor to enforce the security interest under the SARFAESI Act does not arise unless the account of the borrower has been classified as an NPA in the books of account of the secured creditor (banks or financial institutions) in accordance with the guidelines issued by the Reserve Bank of India (RBI)....

Read More
Posted Under: Fema / RBI |

NCLT dismisses CIRP filed by Neesa Infrastructure Limited

M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT)

M/s. Neesa Infrastructure Limited vs State Bank of India (NCLT) Advocate, Mr. Nipun Singhvi appeared on behalf of the Respondent. The order is pronounced in the open court, vide separate sheet. 1. Sanjay Gupta, claiming himself to be the authorised signatory, on behalf of M/s. Neesa Infrastructure Limited filed this Petition under Section...

Read More
Posted Under: Fema / RBI | |

Recovery of debts due to Banks & Financial institutions Act, 1993- Important facts

We are fifth largest developing economy in the world and just left behind UK and France few days back. We are second largest country in the world in case of population. We have largest young skilled workforce in the world. For sustainable development of a country a sound and perfect, protected system of banking is […]...

Read More
Posted Under: Fema / RBI |

SARFAESI (Central Registry) (Amendment) Rules, 2020

Notification No. G.S.R. 45(E). 24/01/2020

Government notifies Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) (Amendment) Rules, 2020. MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 24th January, 2020 G.S.R. 45(E).—In exercise of powers conferred by sub-section (1) and clauses (c) ...

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SARFAESI: Only secured creditors can initiate action against borrower

Trishul Developers Vs L & T Housing Finance Limited (Karnataka High Court)

SARFAESI Act provides only secured creditors to initiate action against the borrower and a demand made by a person or legal entity who was not the secured creditor was definitely prejudicial to the interest of assessee....

Read More

Procedure For Filing Application by Financial Creditor under IBC

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 def...

Read More
Posted Under: Fema / RBI |

Security Interest (Enforcement) Amendment Rules, 2018

Notification No. G.S.R. 1040(E) 17/10/2018

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...

Read More

Control and resolution of NPAs

 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 lendi...

Read More
Posted Under: Fema / RBI |

Govt amends SARFAESI notification number S.O. 2641(E), dated 05.08.2016

Notification No. S.O. 2300(E) 06/06/2018

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:-...

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