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Kalyani Sales Company and anr. Vs. Union of India (Uoi) and anr.

Court : Punjab and Haryana

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 3(1), 13(2), 13(4), 13(8), 13(10), 14, 17, 17(1), 17(2), 17(6), 17(7), 18A, 18(1), 19, 19(1), 19(2), 19(8), 19(25), 31, 34, 35, 37, 38(2), 40 and 40(1); Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - 1(4), 2, 3, 3(1), 13(2), 13(4), 17, 19, 19(1) and 31; Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 - Sections 10, 12, 17 and 18; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2000; Information Technology Act, 2000 - Sections 2; Court Fees Act, 1870 - Sections 7; State Financial Corporation Act, 1951 - Sections 29 and 31; Industrial Disputes Act, 1947

Reported in : AIR2006P& H107; I(2006)BC1; (2006)142PLR1; [2006]70SCL177(Punj& Har)

of the Act. The said ordinance was replaced by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (Act No.30 of 2004) (hereinafter to be referred as 'the Amending Act').In Mardia Chemicals Limited's case (supra), while … enacted to empower the banks and financial institutions to take possession of securities and sell them. The validity of the RDB Act was upheld by … No. 2550 of 2005. These are as follows:On 29.09.2003, the Bank issued to the petitioners a notice Under Section 13(2) of the Act calling upon them to pay an amount of Rs. 88,61,830.68 p. The petitioners filed reply

Sahir Shah Vs. Bank of India

Court : Kerala

Subject : Civil

Acts : Securitisation and Reconstruction Financial Assets and Enforcement of Security Interest Act, 2002 - Sections 3, 13, 13B, 13(2), 13(4), 17 and 37; Recovery of Debts due to Banks and Financial Institutions Act, 1993 - Sections 17 and 19; Enforcement of Security Interests and Recovery of Debts Laws Amendment Act, 2004 - Sections 19 and 19(1); Securitisation and Reconstruction Financial Assets and Enforcement of Security Interest Rules, 2004 - Rule 9 and 9(1)

Reported in : AIR2006Ker42; II(2006)BC386; [2007]138CompCas745(Ker); 2006(1)KLT161; [2006]66SCL14(Ker)

the insertion of the proviso to Section 19 of the Enforcement of Security Interests and Recovery of Debts Laws Amendment Act, 2004, is the question that has come up for consideration in this case.2. Bank of India, respondent herein, filed … or Financial Institution to invoke the provisions of Section 13B of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 … and also for costs of the proceeding. While the O.A. was pending, the Bank invoked the provisions of Section 13(2) of the Securitisation Act vide notice dated 23.1.2004 informing them that an amount of Rs. 6,33,65,539/- is outstanding

Digivision Electronics Ltd. Vs. Indian Bank, Rep. by Its Deputy Genera ...

Court : Chennai

Subject : Banking

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 2 and 19(1); Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) - Sections 13(1), 13(2), 13(3A), 13(4), 13(10), 17, 17(1) and 17(2); Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; ;Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Removal of Difficulties) Order, 2004 - Rule 3; Constitution of India - Article 226

Reported in : IV(2005)BC502; [2005]126CompCas630(Mad); 2005(3)CTC513; (2005)3MLJ394; [2005]63SCL714(Mad)

inserting Clause 3-A in Section 13 was made by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 w.e.f.11.11.2004, but the position was the same even before this amendment in view of the observations made by … ORDERMarkandey Katju, C.J. 1. All the above writ petitions relate to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the Securitisation

PNL Depositors' Welfare Association, Registered No. 94/2005, rep. by S ...

Court : Chennai

Subject : SICACivil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(4), 13(6), 17, 17(1), 37 and 41; Reserve Bank of India Act, 1934 - Sections 45(MC) and 45(QA)(2); Pondicherry Protection of interests of Depositors in Financial Establishments Act, 2004 - Sections 3, 4(1), 5 and 6; Companies Act; Pondicherry Revenue Recovery Act, 1970; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 15(1); Industrial Disputes Act, 1947 - Sections 25FF; Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Constitution of India - Articles 21 and 226; Security Interest (Enforcement) Rules, 2002 - Rules 8, 9 and 9(3)

Reported in : 2005(4)CTC469; [2005]64SCL115(Mad)

refer to Sections 13(4) and (6) as amended by the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, which reads as under:'13(4). In case the borrower fails to discharge his liability in full within the period … 2005) (hereinafter referred to as 'Indian Bank') under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 … the Indian Bank and the other respondents, namely, New Horizons Sugar Mills Limited, to exercise their discretion under Section 13(4)(c) and 13(4)(b) of the SARFAESI Act, instead of straight away initiating action under Section 13(4)(a) of the said

D. Srikanth Vs. Industrial Development Bank of India

Court : Andhra Pradesh

Subject : Company

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 5, 5(2), 5(4), 13, 13(1), 13(2), 13(4), 13(10), 31, 35 and 37; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19(1); Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 15(1); Transfer of Property Act, 1882 - Sections 69 and 69A; Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; National Prosecuting Authority Act - Sections 13; Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2004; Code of Civil Procedure (CPC) - Order 23, Rules 1(3), 1(1)(4), 2 and 3

Reported in : [2007]79SCL511(AP)

withdraw the application whether made before or after the enforcement of the Security Interest and Recovery of Debts Laws (Amendment) Act, 2004, with the permission of the DRT, for the purpose of taking action under the Act. On 8-1-2005 the … dated 9-3-2007 issued by the 2nd respondent, invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 … properties. No sale has however taken place, as yet.3. On 30-8-2006, the 2nd respondent issued a notice under Section 13(2) of the Act to the petitioner, intimating that under an agreement dated 30-9-2004, the 1st respondent has sold,

Kirandevi Bansal Vs. D.G.M., Small Industries Development Bank of Indi ...

Court : Gujarat

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13(2), 13(3A), 13(4), 13(13), 17, 17(2) and 17A; Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 - Sections 13(3A); Transfer of Property Act, 1882 - Sections 69 and 69A; Companies Act, 1956 - Sections 529(1) and 529A; Industrial Disputes Act, 1947 - Sections 17(1); Consumer Protection Act, 1986 - Sections 13(2); Security Interest (Enforcement) Rules, 2002 - Rule 3A; Prevention of Food Adulteration Rules, 1955 - Rules 7(3) and 9; Constitution of India - Article 14

Reported in : AIR2009Guj100

of the Act. Consequently, Sub-section (3A) was inserted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (30 of 2004) with effect from 11.11.2004.7. The relevant provisions which are necessary for our consideration are extracted … liability mismatches and improve recovery by exercising powers to take possession of securities, sell them and reduce non-performing assets by adopting measures for recovery or … made by the learned Single Judge, is 'whether the time-limit of one week provided in Sub-section (3A) of Section 13 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the

Mohan Lal and anr. Vs. Dwarka Prasad and ors.

Court : Rajasthan

Subject : Civil

Reported in : AIR2007Raj129; RLW2007(3)Raj2656

it, withdraw the application, whether made before or after the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 for the purpose of taking action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security … not in derogation of, the Companies Act, 1956 (1 of 1956), the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange Board … the said Act, whether the civil suit Involving the banks and financial Institutions who have taken measures Under Section 13(4) of the aforesaid Act can be filed and whether the Civil Court In civil suits filed Under Section

Asset Reconstruction Company (India) Limited Rep. by Its Vice Presiden ...

Court : Chennai

Subject : Company

Acts : Securitisation and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002 - Sections 3, 5, 5(1), 9, 13, 13(2), 13(4), 13(9), 20(4), 34, 35, 37 and 39; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 3(1), 15, 20(1) and 20(4); Companies Act, 1956 - Sections 424A, 442, 446, 456, 457, 457(1), 457(2), 529, 529A, 529(1), 530 and 537; Transfer of Property Act, 1882 - Sections 69 and 69A; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17, 17(2), 17A and 19(19); State Financial Corporations Act, 1951 - Sections 29 and 31; Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Ordinance, 2004

Reported in : [2006]134CompCas267(Mad); 2006(3)CTC529; (2006)2MLJ822; [2006]72SCL18(Mad)

for revival and rehabilitation submitted before the commencement of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Ordinance, 2004, such a reference shall abate if the secured creditors representing three fourth in value of the … is to approach the Company Court for proper directions for realizing its securities. In such a case, the Assets Reconstruction Company has no locus standi … submitted that in the vent of inconsistency between Section 457 of the Companies Act and second proviso to Section 13(9) of the Securitisation Act, the Securitisation Act shall prevail and the secured creditor/securitisation company is entitled to take

Transcore Vs. Union of India (Uoi) and anr.

Court : Supreme Court of India

Subject : Banking

Acts : Debts Recovery Tribunals Act, 1993 - Sections 2, 3(1), 17, 19, 19(1), 19(6), 19(7), 19(8), 19(12), 19(13), 19(18), 19(19), 19(25), 20, 21, 24, 25, 28 and 29; Debts Recovery Tribunals (Amendment) Act, 2004 - Sections 5A, 13(3A) and 17(1); Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 5, 5A, 6, 9, 10, 11, 12, 13, 13(1), 13(2), 13(3), 13(3A), 13(4), 13(4A), 13(6), 13(7), 13(8), 13(9), 13(10), 13(11), 13(13), 14, 17, 17(1), 17(2), 17(3), 17(4), 18, 18(1), 22, 31, 35, 36, 37, 40 and 40(1); Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Transfer of Property Act, 1882 - Sections 69 and 69A; State Financial Corporations Act, 1951 - Sections 29 and 31; Limitation Act, 1963; Companies

Reported in : AIR2007SC712; 2007(1)ALD109(SC); I(2007)BC33(SC); [2007]135CompCas1(SC); (2007)1CompLJ1(SC); 2006(5)CTC753; 135(2006)DLT151(SC); (2007)1MLJ929(SC); 2006(12)SCALE585; (2008)

were not repealed by the Indian Income-tax Act but by the Taxation Laws (Extension to Merged States and Amendment) Act 67 of 1949. Owing to this, the depreciation actually allowed under the laws of the merged States could … etc. except those specified in Section 31 which excludes ten types of securities from the purview of NPA Act. He submitted that the NPA Act … ORDER, 2004. (ii) It shall come into force at once.2. Definition. - Debts Recovery … person including a borrower, who is aggrieved by any of the measures taken by the secured creditor under Section 13(4), subject to his paying fees along with his application. The fee is to be levied in the manner

Shree Rama Multi-tech Ltd. and anr. Vs. Asset Reconstruction Company ( ...

Court : Gujarat

Subject : Civil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 2(1), 3, 13, 13(1), 13(2), 13(3A), 13(4), 13(5), 13(6), 13(8), 13(9), 13(10), 17, 17(1), 17(2), 17A, 18, 19, 31, 34, 35, 36 and 37; Companies Act, 1956; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 2, 17, 17(1), 19, 19(1), 19(15), 22 and 24; Enforcement of Security Interest and Recovery of Debt Laws (Amendment) Act, 2004 - Sections 10; Transfer of Properly Act, 1882 - Sections 69 and 69A; Limitation Act, 1963; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Code of Civil Procedure (CPC) , 1908 - Sections 11 - Order 8 - Order 23, Rule 1, 1(1), 1(3) and 1(4) - Order 32, Rules 1 to 14 ; In

Reported in : (2007)2GLR1230

it, withdraw the application, whether made before or after the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 for the purpose of taking action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security … respondent-Company acquired under various agreements, financial assistances -- together with all underlined securities and interest -- in the petitioner No. 1-Company.2.4 It is virtually undisputed … has since being substituted by the term 'application' by virtue of Section 10(a)(i) of the Amending Act of 2004. Section 17 of the Act of 2002 reads as follows:17. Right to appeal :- (1) Any person (including borrower), … Akil Kureshi, J.1. The petitioners herein have challenged a notice dated 25-1-2006 issued by the respondent under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to