SARFAESI - Page 4

If company did not dispute claim of creditor-bank, winding up petition against company is to be admitted

Vikash Metal and Power Ltd. Vs Corporation Bank (Calcutta High Court)

A creditor can maintain a winding up petition if he complies with the provisions of Sections 433, 434 and 439 of the said Act of 1956. In the present case, the respondent-Bank was admittedly a creditor of the company. The company did not dispute such relationship. The company did not dispute receipt of the notice, hence, the winding up pe...

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Effect of improper presentation of ‘SARFAESI APPEAL’?

It is alleged that the Banks or the officials of the Bank often misuse the provision of ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002)”. It is also alleged that the Bank officials help some clients/borrowers using all technicalities and their expertise in ...

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Posted Under: Corporate Law |

Why High Courts are now burdened with DRT/SARFAESI matters?

After the constitution of Debt Recovery Tribunals (DRT) and Debt Recovery Appellate Tribunals (DRAT) under The Recovery of Debts due to Banks and Financial Institutions Act, 1993 and after conferring the authority to entertain appeals from the aggrieved persons under section 17 of SARFAESI Act, 2002, Banks have gained an upper-hand in the...

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Posted Under: Corporate Law |

Approaching DRAT in SARFAESI matters appears to be very costly?

Under the provisions of ‘Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’ in short), the Bank can invoke the process of recovery of money on its own without any adjudicatory process. The Banks can proceed with the enforcement of ‘security’ under the provisions o...

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Posted Under: Corporate Law |

Company Law Board & SARFAESI proceedings?

Company Law Board exercises very important functions under section 397/398 of the Companies Act, 1956 providing relief to the shareholders against ‘oppression and mis-management’ in the Company. When a group of shareholders are oppressed in any company or the company is mis-managed causing loss to the interests of the shareholders, sh...

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Posted Under: Corporate Law |

Critical issues under SARFAESI Act, 2002?

It is always welcome to enable the Banks to recover their dues using the provisions of SARFAESI Act, 2002. It is known that it is very difficult for the Banks to approach Civil Court asking for a decree and getting that decree executed. With the intention of enabling the Banks to reduce their NPAs through faster recovery of dues, ‘The R...

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Posted Under: Corporate Law |

Right to Continue Complain also gets transferred to person acquiring all rights of complainant

Paam Pharmaceuticals (India) (P.) Ltd. Vs India SME Asset Reconstruction Company Ltd. (Delhi High Court)

As per Sub-section (2), the ISARC becomes a lender of the financial assets in place of SIDBI and thus, has all the rights of SIDBI in relation to the financial assets which were acquired by it. The contention of the learned counsel for the petitioner that no financial facility was extended by SIDBI to ISARC and so the cheques in question ...

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Getting relief from DRT under SARFAESI Act, 2002?

It would be clueless for the professionals at times in answering the queries of the borrowers facing proceedings under ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’. If the Bank initiates proceedings under the provisions of SARFAESI Act, 2002, then, in view of section 34, n...

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Posted Under: Corporate Law |

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 (Annexure). The detailed circulars have also ...

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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 (Annexures). The updated Notification has ...

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