narainreddy (Lawyer) 01 August 2007

Securatisation

What is the latest legal position regarding SARFAESI Act?

7 Replies

Shambasiv (n/a) 29 August 2007

[font=georgia]Hello Reddy,

All questions arising under the Act has to be decided by the Debts Recovery Tribunal under Section 17 of the SARFAESI Act. No matter who the applicant is, whether he is a borrower, guarantor or a third party, his remedy is only before the DRT. The cause of action to approach the DRT under section 17 of the said would arise only after any of the measures under section 13 (4) is taken by the secured creditor.

Bye,

Shambasiv
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yedhash (n/a) 29 August 2007

What about a tenant in case the property is purchased in auction. Whether possession will be handed over to the auction purchaser immediately

mmn (n/a) 29 August 2007

[font=""times new roman""]A lease deed executed by the previous lessor in favour of a tenant is a covenant running with the land and an auction purchaser who purchases the property is bound by the said covenant.[/font]

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[font=""times new roman""]Adv. Murtaza Najmi, Mumbai.

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Prakash Yedhula (Lawyer) 29 August 2007

And if the tenant wants to protect his possession he can approach the DRT under section 17 of the SARFAESI Act restraining the bank and the auction purchaser from the evicting him except under due process of law.

swetha1983 (n/a) 02 September 2007

Dear friends,

It has cleared my doubts becuase day in and day out several decisions have been coming on the act and it is really hard to keep track of it.

Adv.Husain (Advocate) 06 August 2009

tenancy in respect of part of secured asset created before borower mortgaged the property the secured creditor (bank) cannot extinguish such tenancy.

Vigneswaran (Lawyer) 05 January 2011

Originally posted by :narainreddy
"	What is the latest legal position regarding SARFAESI Act?	"

Is there any authority or case law which says tenants can't be disposessd without giving them notice or without complying the principles of natural justice???