c.p.s. ramachary

Articles by c.p.s. ramachary

05 October 2015 at 15:29

Whether presence of Authorised Officer is mandatory at each stage of execution of the demand notice

  POSTED BY c.p.s. ramachary

A doubt often arises in the mind os some authorie as to whether presence of Authorised Officer is mandatory at each stage of execution of the demand notice. Demand Notice is executed after expiry of 60 days in casae of non- compliance of the demand.R

  0 comments |   1130 Views

25 June 2015 at 13:44

Sale of secured assets by Quotation method is less expensive step for expeditious recovery in small NPA accounts

  POSTED BY c.p.s. ramachary

Secured creditors (particularly the banks) do not prefer Quotation method for sale of secured assets for various unknown reasons. The secured creditors might not have given proper guidelines to the Authorised Officers in this regard. According to Rul

  2 comments |   1305 Views

15 June 2015 at 11:06

FAQs on Enforcement of Security Interest - Part 2

  POSTED BY c.p.s. ramachary

Q 17: At the time of taking physical possession, there would be some movable properties lying in the building, which are not hypothecated to the bank? How to de

  2 comments |   1063 Views

18 September 2014 at 12:27

Checklist for action under SARFAESI Act

  POSTED BY c.p.s. ramachary

Authorised Officer who is clothed with statutory power has to exercise higher degree of caution and care in following the prescription law while taking action under the Act. Taking action in any other manner than the prescription is not permissible

  12 comments |   20621 Views

15 July 2014 at 11:36

FAQs on Enforcement of Security Interest - Part 1

  POSTED BY c.p.s. ramachary

Q.1: Whether DRT has discretionary powers? � A:Supreme Court in Nahar Industrial Investments (P) Ltd. Vs. H.S.B.C. CTC 2009(2)SC 74 held that: DRT is statute create body. It has no discretionary power. DRT is not common law court n

  5 comments |   1828 Views

05 July 2014 at 16:42

Extent of powers of advocate commissioner appointed by the Magistrate under u/s.14 of SARFAESI Act

  POSTED BY c.p.s. ramachary

1. The CMM/DM exercise only judicial function which is ministerial in nature. There is difference between judicial function and adjudicatory function.Sec.14(3) of the Act provides for immunity to the CMM/DM. For this reason Sec.14 does not confer

  3 comments |   4883 Views

18 March 2014 at 11:24

Presumption under Sec.27 of the General Clauses Act, 1897 - is not available to secured creditor

  POSTED BY c.p.s. ramachary

Sec.27 of General clauses Act 1897 lays down as under.- Where any Central Act or Regulation made after the commencement of this Act, authorizes or requires any document to be served by post, whether the expression" serve" or "give&q

  8 comments |   7587 Views

22 March 2013 at 11:39

Whether taking possession of secured assets (under SARFAESI Act) on Sundays, National & Public Holiday

  POSTED BY c.p.s. ramachary

Section 13(4) of SARFAESI Act provides for four different measures that a secured creditor can take in the event of the borrowers failure to comply with the demand notice issued under Sec.13(2) the said Act. They are as under: (a) take p

  6 comments |   6782 Views

22 March 2013 at 11:39

Impact of Crown Debts/Sovereign Debts on secured creditor

  POSTED BY c.p.s. ramachary

Crown Debt is common law doctrine. This is recognized by Indian High Courts prior to 1950. This law continues to be in force within the meaning of Article 372(1) of Indian Constitution. Government takes precedence and priority ove

  3 comments |   5457 Views

01 March 2013 at 10:50

Secured creditor has to take higher degree of care and caution to acquire secured assets

  POSTED BY c.p.s. ramachary

Latest amendment i.e. sub-Sec.5A to Sec.13 of SARFAESI Act allows secured creditor to authorise any of its officer to participate. Sub-Sec 5A is extracted and reproduced hereunder: (5A) Where the sale of an immovable property, for which a r

  1 comments |   3603 Views


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