Sarfaesi act, 2002
Nairita Datta Chowdhury
(Querist) 21 May 2014
This query is : Resolved
Can anyone give me citations on Section 5 of the SARFAESI Act, 2002? Its urgent...
Thanks in advance ...
Devajyoti Barman
(Expert) 21 May 2014
sorry, citations are not supplied here,
If you give details of your query, we advise your further.
ajay sethi
(Expert) 21 May 2014
search in indian kanoon website for citations
Nairita Datta Chowdhury
(Querist) 26 May 2014
No citations on Section 5 of the SARFAESI Act is in indiankanoon website....
Nairita Datta Chowdhury
(Querist) 26 May 2014
The matter is pending before DRT - Kolkata. The matter is...
A reconstruction company namely 'X' registered as a securitization and asset reconstruction company pursuant to Section 3 of the SARFAESI Act, 2002 and 'X' was assigned by a Bank namely 'Y' for its debts. Lawyer filed an Application for Substitution of Party and A/O and A/R are also filed in this respect. In the meantime the erstwhile lawyer was absent in the fixed dates and the matter was dismissed for default. Now we got a Change brief and filed a restoration application where the Learned Tribunal is saying that the 'Y' is the Plaintiff, only it can file restoration application, the present applicant 'X' can't. But there is already a substitution application is filed by 'X' before the Tribunal seeking for substitution and unfortunately on that stage the matter got dismiss for default.
As per my knowledge under Section 5 of the SARFAESI Act, 2002 it is clearly stated that when a reconstruction company is assigned by a bank such securitisation company or reconstruction company shall, on such acquisition, be deemed to be the lender and all the rights of such bank or financial institution shall vest in
such company in relation to such financial assets.
What I want is any citation on this topic as I can place my argument strongly before the Learned Tribunal.
Any other advise by the Experts are welcome to strong my case....
Thanks in advance...
Nadeem Qureshi
(Expert) 28 May 2014
ARCIL vs Rajendra Mining Spares Ltd. 2005 (2) Bank J.445(DRAT Mum.)
Nadeem Qureshi
(Expert) 28 May 2014
Kothari Industrial Corp.Ltd Vs Kotak Mahindra Bank Ltd. 2007 (2) BC 26 DRAT, Chennai
