Securitization And Reconstruction Of Financial Assets Act
pratik
(Querist) 06 March 2011
This query is : Resolved
1)What do u mean by committal proceedings ? Because it has been said that no committal for a minor offence go directly to trial ? also as per the CPC, Crpc & IPC what do u mean by minor offence. Exact meaning of committal proceedigs where it has been defined. where it is applicable only to criminal case or it is applciable to civil & any tax mattters also.
Pls.
2)I have heard that there is no reserve price in auction then the highest bid is not accepted as per securitization and reconstruction of financial assets act ? which section says that there should be a minimum reserve price otherwise the aution is void ? also is there any section which says that after falling of a stamp 3 times than no one can bid futher & the highest bider is the winner of that auction property pls ?
Thanks In Advance.
God Bless U All.
Ajay Bansal
(Expert) 07 March 2011
IT IS APPLICABLE ONLY IN CRIMINAL CASES. AS PER PROVISION OF SECTION 209 Cr.P.C. A CASE HAVING PRIMA-FACI CONTENTS OF A SESSION TRIAL'S SECTION DESERVES TO BE COMMITTED IN SESSIONS COURT.
M V Gupta
(Expert) 07 March 2011
As regards q.2 see Sec.13(4) (a) of the Securitisation Act. The Act as such does not provide the manner in which a secured creditor can transfer the secured asset. But the RBI in exercise of the poers vested in it has formulated Rules for enforcment of the securities bvy the NBFCs. A secured creditor necessarily has to fix a reserve price at whioch it would consider the bids. if no such reserve price is indicated then it would not be in a position to discard the auction on the ground that the bids are unreasonably low and will be bound to accept the highest bid whther it is commensurate to estimated value of the asset or not. The reserve price is meant to ensure that the creditor gets a resonably good price to recover its dues.
H.M.Patnaik
(Expert) 03 September 2016
Experts have adequately answered.
