Comments on Compensation U/Sec.19 Of SARFAESI Act

Displaying 1 - 10 of 11 in 2 pages

shastibrata

shastibrata

Wrote on 02 April 2013  

What a well thought out and written article by Shri.Ramachary sir!In a day and age where not just well meaning advocates, but also DRT P.O's are ignorant of the Act and routinely pass orders without application of mind, articles such as these help not just lawyers and DRT P.O, but also lay people who are fortunate enough to follow this forum!The issue of seeking compensation under sec.19 has not been illuminated in any published article as has been done by Ramachary sir in this forum!



c.p.s. ramachary

c.p.s. ramachary

Wrote on 27 March 2013  

A loan account is construed as NPA if the loan is defaulted on due date and such default crosses the 90 days in case of loan repayable in installments and in case of cash credit or overdraft becomes overdue and such status crosses 90 days according to RBI norms.



Mohinder Singh

Mohinder Singh

Wrote on 22 March 2013  

The article is rich in information, but can you state as to when an account is construed to be a NPA account.



c.p.s. ramachary

c.p.s. ramachary

Wrote on 14 March 2013  

Sec.19 is clear and no citation is necessary.



Sameer Kakar

Sameer Kakar

Wrote on 13 March 2013  

Dear Mr. Rmachary, Indeed your article is very informative on the topic and thought provoking. Kudos to you. I would like to know a precedent by way of a case law where the borrower received damages in terms of S. 19 of the Act. This will go a long way. Regards,



c.p.s. ramachary

c.p.s. ramachary

Wrote on 12 March 2013  

Dear Mr. Tarveen If possession of car is taken under SARFAESI Act, then the DRT u/s 17 of the Act. If possession is taken without invoking SDARFAESI Act,based on the terms of hypothecation agreement, illegally, then, it is Civil Court (for filing suit against bank) for damages u/s 73 of Indian Contract Act.



Tarveen

Tarveen

Wrote on 12 March 2013  

Can you guide me, my question is under which Act we can seek relief if the bank take over the car against which the loan was due and ask as for the balance amount. kindly reply as soon as possible.



AJIT KUMAR SATAPATHY

AJIT KUMAR SATAPATHY

Wrote on 11 March 2013  

Thanks Sir, Very informative writing.



c.p.s. ramachary

c.p.s. ramachary

Wrote on 05 March 2013  

Mr.Prakash, Purchaser knows very well that he is purchasing the property at distress sale and his right to property is subject to tribunal's final verdict. If the bank's action in selling the secured asset is not in accordance with law, he knows that the tribunal is not powerless to restore the possession even if it is made over to purchaser(See Judgment of Supreme court in Indian Overseas Bank Vs.Ashok Saw Mills). It is for the purchaser to take appropriate action against the bank for financial loss if any he sustains by participating in the tender/bid for its wrong action in selling the asset in breach of provisions of SARFAESI Act. Sec. 19 is silent about compensation to purchasers as well as injured third parties.



Prakash Yedhula

Prakash Yedhula

Wrote on 05 March 2013  

How about compensation to the auction purchaser whose sale is cancelled subsequently by courts on account of the bank's failure to comply with the procedures envisaged under Section 13?


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