February 2020

SARFAESI—Stay of Proceedings—Suit for permanent injunction by tenant of secured assets pending before Civil Court—Bank has been impleaded as one of the parties to said suit—Remedy if at all is available to tenant is only before DRT

By | February 16th, 2020|SARFEASI|

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[DIVISION BENCH] SARFAESI—Execution of Decree—By DRT which was passed by Civil Court–Recovery Officer cannot proceed against person whom there was no decree or who was specifically excluded from the decree

By | February 16th, 2020|SARFEASI|

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[DIVISION BENCH] SARFAESI—Securitization Application—It would be maintainable despite the fact that the physical possession is not lost.

By | February 9th, 2020|SARFEASI|

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[DIVISION BENCH] SARFAESI—District Magistrate has no jurisdiction to pass any kind of order which tantamount to review, recall or modifying his own order much less to grant an injunction

By | February 6th, 2020|SARFEASI|

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[DIVISION BENCH] SARFAESI—Joint Property—Petitioner is co-sharer in the mortgaged property—He is neither a borrower nor a guarantor—Until and unless the mortgaged property is demarcated it cannot be put to sale

By | February 3rd, 2020|SARFEASI|

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[DIVISION BENCH] SARFAESI—District Magistrate has no jurisdiction to recall, review, or modify his/her own order or the order passed by his/her predecessor

By | February 3rd, 2020|SARFEASI|

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December 2019

DB Judgements – SARFAESI—Tenancy over mortgaged property—Civil Court does not have jurisdiction to decide the issue about tenancy over the mortgaged property

By | December 27th, 2019|SARFEASI|

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SARFAESI—Temporary Injunction—Pendency of proceedings under SARFAESI—Civil Court is competent to pass an interim order on merits till final decision of question of jurisdiction – Temporary Injunction—Question of Jurisdiction—A mere objection to jurisdiction does not instantly disable the Court from passing any interim order—It can pass appropriate interim orders which would last till question of jurisdiction is decided by it

By | December 24th, 2019|SARFEASI|

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November 2019

SARFAESI—Auction Sale—Confirmation of sale of secured assets by bank- Writ Petition against such an action of Bank is not maintainable

By | November 21st, 2019|SARFEASI|

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SARFAESI—Secured Assets—Proceedings under the SARFAESI Act would hold primacy over any Central or State Legislature attaching the property SARFAESI—Secured Creditor—Right of a secured creditor to realise a secured debt shall have priority over all debts and government dues including revenues, taxes, cesses and rates due to the Central Government, State Government or Local Authority

By | November 15th, 2019|SARFEASI|

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SARFAESI—Non-Performing Assets—Bank is required to issue notice and provide opportunity to rectify the loan account to the borrower before declaring its account as NPA—In absence of such notice/opportunity all consequential actions taken by bank are liable to be set aside SARFAESI—Non-Performing Assets—An account which has some temporary deficiencies should not be classified as NPA SARFAESI—Mere issuance of notice under S.13(2) does not confer right to borrower to approach Civil Court or DRT

By | November 12th, 2019|SARFEASI|

Comments Off on SARFAESI—Non-Performing Assets—Bank is required to issue notice and provide opportunity to rectify the loan account to the borrower before declaring its account as NPA—In absence of such notice/opportunity all consequential actions taken by bank are liable to be set aside SARFAESI—Non-Performing Assets—An account which has some temporary deficiencies should not be classified as NPA SARFAESI—Mere issuance of notice under S.13(2) does not confer right to borrower to approach Civil Court or DRT

SARFAESI—Demand Notice under S.13(2)~Even if no proceedings are initiated before DRT; jurisdiction of Civil Courts is barred from granting any injunction at this stage also

By | November 11th, 2019|SARFEASI|

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October 2019

September 2019

February 2019

Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, S.14~Physical Possession—Injunction—Stay application-Petitioner claiming to be tenant and the property that has been ordered to be taken possession of—Held; Remedy of the petitioner would lie before Debt Recovery Tribunal and not before Civil Court to save his possession—Since tenant had erroneously approached Civil Court, stay granted to tenant to approach DRT for further relief

By | February 26th, 2019|SARFEASI|

Comments Off on Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, S.14~Physical Possession—Injunction—Stay application-Petitioner claiming to be tenant and the property that has been ordered to be taken possession of—Held; Remedy of the petitioner would lie before Debt Recovery Tribunal and not before Civil Court to save his possession—Since tenant had erroneously approached Civil Court, stay granted to tenant to approach DRT for further relief

December 2018