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Articles by c.p.s. ramachary

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Compensation U/Sec.19 Of SARFAESI Act

  c.p.s. ramachary   01 March 2013 at 10:50

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 ..

Posted in Corporate Law  12 comments |   7107 Views

Valuation of secured assets, the procedure and practice under SARFAESI Act 2002

  c.p.s. ramachary   11 December 2012 at 11:38

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 ..

Posted in Corporate Law  5 comments |   13774 Views

Applicability of Sec.5 of Limitation Act to the proceedings under Sec.17 of SARFAESI Act

  c.p.s. ramachary   08 December 2012 at 12:05

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 ..

Posted in Corporate Law  6 comments |   12741 Views

Under what circumstances the security interest created in agricultural land is not enforceable under

  c.p.s. ramachary   01 September 2012 at 12:45

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 ..

Posted in Corporate Law  3 comments |   6474 Views

Publication of statutory notices in two leading newspapers : Security Interest (Enforcement) Rules

  c.p.s. ramachary   14 August 2012 at 12:03

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 ..

Posted in Corporate Law  6 comments |   17129 Views

Authorised Officer

  c.p.s. ramachary   19 July 2012 at 11:56

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 ..

Posted in Corporate Law  5 comments |   6033 Views

Functions of Chief Metropolitan Magistrate /District Magistrate u/s.14 of the Act

  c.p.s. ramachary   01 June 2012 at 10:57

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 ..

Posted in Others  2 comments |   5729 Views

Extent of DRT's power to restore possession to borrower / aggrieved party ?

  c.p.s. ramachary   27 April 2012 at 19:58

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 ..

Posted in Others  2 comments |   2611 Views

Jurisdiction of DRT under SARFAESI Act - An overview

  c.p.s. ramachary   26 April 2012 at 11:10

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 ..

Posted in Others  7 comments |   18736 Views

What is debt?

  c.p.s. ramachary   19 April 2012 at 11:00

"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 ..

Posted in Others  5 comments |   5718 Views