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Articles by c.p.s. ramachary

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

  c.p.s. ramachary   05 October 2015 at 15:29

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 ..

Posted in Civil Law |   2406 Views

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

  c.p.s. ramachary   25 June 2015 at 13:44

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 ..

Posted in Others  2 comments |   1901 Views

FAQs on Enforcement of Security Interest - Part 2

  c.p.s. ramachary   15 June 2015 at 11:06

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 ..

Posted in Others  2 comments |   1786 Views

Checklist for action under SARFAESI Act

  c.p.s. ramachary   18 September 2014 at 12:27

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 ..

Posted in Corporate Law  13 comments |   24563 Views

FAQs on Enforcement of Security Interest - Part 1

  c.p.s. ramachary   15 July 2014 at 11:36

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 ..

Posted in Corporate Law  5 comments |   2126 Views

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

  c.p.s. ramachary   05 July 2014 at 16:42

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 ..

Posted in Corporate Law  3 comments |   7230 Views

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

  c.p.s. ramachary   18 March 2014 at 11:24

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 ..

Posted in Corporate Law  8 comments |   12120 Views

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

  c.p.s. ramachary   22 March 2013 at 11:39

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 ..

Posted in Corporate Law  6 comments |   9085 Views

Impact of Crown Debts/Sovereign Debts on secured creditor

  c.p.s. ramachary   22 March 2013 at 11:39

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 ..

Posted in Corporate Law  3 comments |   6134 Views

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

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

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 ..

Posted in Corporate Law  1 comments |   3886 Views