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 ..
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 ..
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 ..
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 ..
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 ..
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 ..
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 ..
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 ..
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 ..