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1. The Honble Supreme Court in the landmark judgment in Mardia Chemicals case, while upholding the constitutional validity of Securitization, Reconstruction of Financial Assets & Enforcement of Security Interest Act 2 ..
The procedures for valuation of movable secured assets and immovable secured assets are different and they are dealt by separate rules under Security Interest (Enforcement) Rules 2002. Rule 5 of S.I.(E)Rules deals with valuation of m ..
Applicability of Sec.5 of Limitation Act to the proceedings under Sec.17 of SARFAESI Act. On this issue there are controversies among various High Courts. We may note the views of some of the High Courts are stated hereunder: View of Bomba ..
The term agricultural land is not defined in the SARFAESI Act. Agriculture means the science and art of cultivating the soil (S.P. Watel Vs. State of U.P. : AIR 1973 SC 1293=1973 SCR(3 783). Supreme Court in CIT Vs. Rja Benoy Ku ..
Based on Andhyarujina Committee Report 2000, Parliament enacted the SARFAESI Act 2002, in line with Sec.29 of State Financial Corporations Act 1951 avoiding the adjudication process (which is proved to be time consuming process) of claims for recov ..
Rule 2(a) defines Authorised Officer as under:- "authorised officer" means an officer not less than a chief manager of a public sector bank or equivalent, as specified by the Board of Directors or Board of Trustees of t ..
The Magistrates perform ministerial functions under Section 14 of SARFAESI Act. Sec.14(3) of the Act provides for immunity. Section 34 of the Act bars civil courts jurisdiction in order to avoid adjudication of cla im (which is time consuming ..
In Ramco Super Leathers (P)Ltd. Vs. UCo. Bank 2007(2) DRTC 747 Mad. Madras High Court held that, merely because a secured creditor has taken possession, issued sale notice and also sale certificate in favour of the purchaser, does not render the t ..
Jurisdiction of civil court is barred from entertaining any suit or granting any injunction against action taken under the Act as the statue confers jurisdiction over the subject matter to DRT only. But civil courts jurisdiction is not barred ..
"Debt" is defined in Sec. 2(g) of RDDB & FI Act. [Same definition is assigned to SARFAESI Act vide Sec. 2(ha)]. The definition reads thus: 2(g) debt means any liability (inclusive of interest) which is claime ..
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