SARFAESI Act, 2002

Supreme Court clarifies the forum for recovery of dues in nationalized textile undertakings: UCO Bank vs. National Textile Corporation Ltd. (2020)

/ A.S. Bopanna, Arbitration Law, Debt Recovery, Debts Recovery Tribunal (DRT), Hrishikesh Roy, Judges, Permanent Machinery of Arbitrators (PMA), R. Banumathi, Textile Law, Textile Undertakings (Nationalisation) Act, 1995, Textile Undertakings (Nationalisation) Act, 1995 with Section 4(2), Textile Undertakings (Nationalisation) Act, 1995 with Section 4(5)

Supreme Court clarifies the forum for recovery of dues in nationalized textile undertakings: UCO Bank vs. National Textile Corporation Ltd. (2020) LEGAL ISSUE: Determining the appropriate forum for resolving disputes regarding liabilities of a nationalized textile undertaking. CASE TYPE: Civil Appellate Jurisdiction Case Name: UCO Bank vs. National Textile Corporation Ltd. & Anr. Judgment Date: […]

Supreme Court clarifies the forum for recovery of dues in nationalized textile undertakings: UCO Bank vs. National Textile Corporation Ltd. (2020) Read Post »

Supreme Court Upholds DRT Decree, Dismisses Civil Suits Challenging it: Canara Bank vs. P. Selathal (2020)

/ Code of Civil Procedure, Debt Recovery Tribunal, Indira Banerjee, Judges, M.R. Shah, Order 7 Rule 11, Code of Civil Procedure, Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 with Section 18, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 with Section 20, Uday Umesh Lalit

Supreme Court Upholds DRT Decree, Dismisses Civil Suits Challenging it: Canara Bank vs. P. Selathal (2020) LEGAL ISSUE: Jurisdiction of Civil Courts to challenge orders of Debt Recovery Tribunal (DRT). CASE TYPE: Debt Recovery/Civil. Case Name: Canara Bank vs. P. Selathal and others. Judgment Date: 28 February 2020 Date of the Judgment: 28 February 2020

Supreme Court Upholds DRT Decree, Dismisses Civil Suits Challenging it: Canara Bank vs. P. Selathal (2020) Read Post »

Supreme Court Prioritizes Employee Dues over Secured Creditor in SARFAESI Act Case: Maharashtra State Co-operative Bank Ltd. vs. Babulal Lade (2019)

/ Enforcement of Security Interest, Government Claims on Land, Judges, Krishna Murari, Maharashtra Land Revenue Code, 1966, Maharashtra Land Revenue Code, 1966 with Section 169, Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices Act, 1971, Maharashtra Recognition of Trade Unions and Prevention of Unfair Labour Practices Act, 1971 with Section 50, Mohan M. Shantanagoudar, SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 13, Unfair Labour Practices

Supreme Court Prioritizes Employee Dues over Secured Creditor in SARFAESI Act Case: Maharashtra State Co-operative Bank Ltd. vs. Babulal Lade (2019) LEGAL ISSUE: Whether employee dues can take precedence over the claim of a secured creditor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). CASE TYPE:

Supreme Court Prioritizes Employee Dues over Secured Creditor in SARFAESI Act Case: Maharashtra State Co-operative Bank Ltd. vs. Babulal Lade (2019) Read Post »

Supreme Court Directs Payment in Contempt Case: Kotak Mahindra Bank vs. Sanjiv Gupta (23 September 2019)

/ Aniruddha Bose, Contempt of Court, Deepak Gupta, Enforcement of Court Orders, Interim Orders, Judges, Non-Compliance of Court Orders, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 with Section 13, Security Interest (Enforcement) Rules, 2002

Supreme Court Directs Payment in Contempt Case: Kotak Mahindra Bank vs. Sanjiv Gupta (2019) LEGAL ISSUE: Whether a party is in contempt of court for not complying with an earlier order to pay a specific amount. CASE TYPE: Contempt of Court Case Name: Kotak Mahindra Bank Limited vs. Mr. Sanjiv Gupta & Others Judgment Date:

Supreme Court Directs Payment in Contempt Case: Kotak Mahindra Bank vs. Sanjiv Gupta (23 September 2019) Read Post »

Supreme Court settles the authority of Chief Judicial Magistrate under Section 14 of the SARFAESI Act in secured asset possession cases (23 September 2019)

/ A.M. Khanwilkar, Banking Law, Chief Judicial Magistrate, Chief Metropolitan Magistrate, Dinesh Maheshwari, Judges, SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 37, Section 14, SARFAESI Act, 2002, Secured Creditor

Supreme Court Clarifies Powers Under Section 14 of SARFAESI Act: CJM Competent in Non-Metropolitan Areas LEGAL ISSUE: Whether the Chief Judicial Magistrate (CJM) is competent to process requests from secured creditors to take possession of secured assets under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Supreme Court settles the authority of Chief Judicial Magistrate under Section 14 of the SARFAESI Act in secured asset possession cases (23 September 2019) Read Post »

Supreme Court clarifies the rights of tenants under the SARFAESI Act in mortgage disputes: Bajarang Agarwal vs. Central Bank of India (2019)

/ Enforcement of Security Interest, Indira Banerjee, Judges, Leases of Immovable Property, Mohan M. Shantanagoudar, N.V. Ramana, SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 13, SARFAESI Act, 2002 with Section 14, Transfer of Property Act, Transfer of Property Act with Section 107

Supreme Court Clarifies Tenant Rights Under SARFAESI Act: Bajarang Agarwal vs. Central Bank of India (2019) LEGAL ISSUE: The interplay between the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the rights of tenants, particularly concerning eviction from mortgaged properties. CASE TYPE: Real Estate/Mortgage Law, focusing on

Supreme Court clarifies the rights of tenants under the SARFAESI Act in mortgage disputes: Bajarang Agarwal vs. Central Bank of India (2019) Read Post »

Supreme Court Upholds Bank’s Sale of Mortgaged Property Under SARFAESI Act: Shakeena vs. Bank of India (20 August 2019)

/ A.M. Khanwilkar, Ajay Rastogi, Judges, Registration Act, 1908, Registration Act, 1908 with Section 17(2)(xii), SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 13(2), SARFAESI Act, 2002 with Section 13(4), SARFAESI Act, 2002 with Section 13(8), Transfer of Property Act, 1882, Transfer of Property Act, 1882 with Section 52, Transfer of Property Act, 1882 with Section 60

Supreme Court Upholds Bank’s Sale of Mortgaged Property Under SARFAESI Act: Shakeena vs. Bank of India (2019) LEGAL ISSUE: Whether the sale of a secured asset under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is complete upon issuance of a sale certificate, or only upon registration

Supreme Court Upholds Bank’s Sale of Mortgaged Property Under SARFAESI Act: Shakeena vs. Bank of India (20 August 2019) Read Post »

Supreme Court Allows Appeal Against DRT Order in Securitisation Act Case: M/S. Neel Enterprises vs. State Bank of India (2018)

/ Condonation of Delay, Debt Recovery Tribunal, Judges, Kurian Joseph, Mohan M. Shantanagoudar, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 with Section 13(2)

Supreme Court Allows Appeal Against DRT Order in Securitisation Act Case: M/S. Neel Enterprises vs. State Bank of India (2018) Date of the Judgment: May 10, 2018 Citation: M/S. Neel Enterprises & Anr. vs. State Bank of India & Anr., Civil Appeal No. 4989 of 2018 (Arising out of SLP(C) No. 7085/2016) Judges: Kurian Joseph,

Supreme Court Allows Appeal Against DRT Order in Securitisation Act Case: M/S. Neel Enterprises vs. State Bank of India (2018) Read Post »

Supreme Court clarifies timeline for balance payment in property auction under SARFAESI Act: Rakesh Birani vs Prem Narain Sehgal (21 March 2018)

/ Arun Mishra, Enforcement of Security Interest, Judges, SARFAESI Act with Rule 9, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Security Interest (Enforcement) Rules, 2002, Security Interest (Enforcement) Rules, 2002 with Rule 9(2), Security Interest (Enforcement) Rules, 2002 with Rule 9(4), Uday Umesh Lalit

Supreme Court Clarifies Timeline for Balance Payment in Property Auction under SARFAESI Act LEGAL ISSUE: Determining the commencement date for the 15-day period to deposit the remaining 75% of the auction amount in a property sale under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. CASE TYPE: Securitisation and

Supreme Court clarifies timeline for balance payment in property auction under SARFAESI Act: Rakesh Birani vs Prem Narain Sehgal (21 March 2018) Read Post »

Supreme Court Upholds SARFAESI Act Invocation by Successor-in-Interest in Indiabulls Housing Finance vs. Deccan Chronicle Holdings (2018)

/ A.K. Sikri, Arbitration and Conciliation Act, 1996, Arbitration and Conciliation Act, 1996 with Section 9, Ashok Bhushan, Judges, SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 13(2), SARFAESI Act, 2002 with Section 2(1)(f), SARFAESI Act, 2002 with Section 35

Supreme Court Upholds SARFAESI Act Invocation by Successor-in-Interest in Indiabulls Housing Finance vs. Deccan Chronicle Holdings (2018) LEGAL ISSUE: Whether a successor-in-interest, like Indiabulls Housing Finance Limited, can invoke the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) when the original lender, Indiabulls Financial Services Limited (IBFSL), was

Supreme Court Upholds SARFAESI Act Invocation by Successor-in-Interest in Indiabulls Housing Finance vs. Deccan Chronicle Holdings (2018) Read Post »

Supreme Court Upholds SARFAESI Act, Limits High Court Intervention in Loan Recovery: State Bank of Travancore vs. Mathew K.C. (2018)

/ Constitutional Law, Constitutional Law with Article 226, Judges, Navin Sinha, Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Rohinton Fali Nariman, SARFAESI Act, 2002, SARFAESI Act, 2002 with Section 13(2), SARFAESI Act, 2002 with Section 13(4), SARFAESI Act, 2002 with Section 17

Supreme Court Upholds SARFAESI Act, Limits High Court Intervention in Loan Recovery: State Bank of Travancore vs. Mathew K.C. (2018) Date of the Judgment: January 30, 2018 Citation: 2018 INSC 75 Judges: Rohinton Fali Nariman, J., Navin Sinha, J. Can a High Court interfere with loan recovery proceedings initiated under the Securitisation and Reconstruction of

Supreme Court Upholds SARFAESI Act, Limits High Court Intervention in Loan Recovery: State Bank of Travancore vs. Mathew K.C. (2018) Read Post »

Supreme Court clarifies jurisdiction in MSMED Act and DRT cases: Bank of India wins against Yadav Consultancy (05 December 2017)

/ Debt Recovery Appellate Tribunal, Debt Recovery Tribunal, Judges, Kurian Joseph, Micro, Small and Medium Enterprises Development Act, 2006, Micro, Small and Medium Enterprises Development Facilitation Council, R. Banumathi, Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 with Section 31-A

This judgment addresses a dispute over payment of security service charges. The core legal issue is whether the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 can be invoked when proceedings are ongoing before the Debt Recovery Tribunal (DRT). The Supreme Court of India settled this dispute, clarifying the jurisdiction of both bodies. This

Supreme Court clarifies jurisdiction in MSMED Act and DRT cases: Bank of India wins against Yadav Consultancy (05 December 2017) Read Post »

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