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SARFAESI Act shall beapplicable in case of redemption of morgage with Bank

Raj Kumar Makkad ,
  24 November 2010       Share Bookmark

Court :
Delhi High Court
Brief :
Redemption of the mortgaged property - Main issue in the instant case was till which stage the right of redemption can be exercised over the mortgaged property - whether the provisions of the Transfer of Property Act, including Sections 60 and 69, will be applicable or whether the provisions of the SARFAESI Act will be applicable with respect to redemption ?
Citation :
Ram Murty Pyara Lal and Ors. Vs. Central Bank of India and Ors. (Decided on 01.11.2010) MANU/DE/2878/2010

Held, that there is no doubt that the provisions of the SARFAESI Act would be applicable because the said Act was a special Act dealing with respective rights and obligations with respect to proceedings took thereunder. It was trite that a special legislation would prevail over a general legislation. There was no necessity to burden our judgment with case laws on this point and which indeed were legion. The provisions of the SARFAESI Act would therefore prevail in case of any conflict and inconsistency of any provision therein with any provisions of the Transfer of Property Act and the CPC. That being so, various judgments which had been cited on behalf of the petitioners under the provisions of the Transfer of Property Act and the CPC would not apply at all.

 
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Published in Civil Law
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