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Solaris System Pvt. Ltd. Vs. Oriental Bank of Commerce

Court : Kerala

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(2) and 14; Code of Criminal Procedure (CrPC) - Sections 8, 12, 17 and 482; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19 and 19(1); Transfer of Property Act, 1882 - Sections 69, 69A, 69(2) and 69(4); Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Securities and Exchange Board of India Act, 1992; Companies Act, 1956 - Sections 37; Securities Contracts (Regulation) Act, 1956

Reported in : IV(2006)BC536; 2006(3)KLT121; [2006]72SCL168(Ker)

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 debt(C) Is a Chief Judicial Magistrate in a non Metropolitan area debarred from exercising the powers under Section 14 of the Act to take possession of the secured asset2. These and certain other ancillary questions have come

Uco Bank, Churchgate Branch Through Mr. K. Venkatachalam Vs. Kanji Man ...

Court : Mumbai

Subject : CivilBanking

Acts : Banking Companies Act, 1949; Indian Partnership Act; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002; NPA Act - Sections 2(1), 4(2), 8(1), 10(3), 13, 13(2), 13(3)(A), 13(4), 13(6), 13(8), 13(13), 14, 17, 17(1), 17(2), 17(3), 17(5), 17(7), 19, 31, 34, 35, 36 and 37; Limitation Act, 1963 - Sections 3, 4 to 29, 29(3) and 43(4); Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992 - Sections 4(2) and 13; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Debts Recovery Tribunal Act - Sections 22 and 24; Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Arbitration and Conciliation Act, 1996 - Sections 5, 34 and 34(3); Arbitration Act, 1940 - Sections 30 and 53; Arbi

Reported in : 2008(2)ALLMR512; 2008(3)BomCR290; (2008)110BOMLR744; 2008(4)MhLj424

Matched in: Advocate Vishal Khanavkar and ;Kedar Dighe, Advs. K.R. Bulchandani and ;K.K. Shroff, Advs., i/b., ;Akshar Laws

A. Venkatramani Vs. Lic Housing Finance Limited, Rep. by Its Authorise ...

Court : Chennai

Subject : Commercial

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13(2), 13(3), 13(4), 14(1) 17, 35, 36 and 37; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19(1); Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Companies Act, 1956; Securities Contracts (Regulation) Act, 1956; Exchange Board of India Act, 1992; State Financial Corporation Act, 1963 - Sections 3, 29 and 31; Maharashtra Cooperatives Societies Act, 1960 - Sections 101; Transfer of Property Act - Sections 55(1); Limitation Act, 1963 - Sections 62; Constitution of India - Article 226

Reported in : [2007]135CompCas514(Mad); [2007]78SCL222(Mad)

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 … shall be in addition to, and 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 of India Act, 1992 (15 of … challenging the Demand Notices issued by the' ' financial institutions ' 'under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of … Mohamed Yaseen and these petitioners, for recovery of a sum of Rs. 14,96,158/= and a perusal of the 'A' schedule to the said suit, would

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 … possession can be taken by the bank or the financial institution by following the procedure laid down in Section 14 of the Act or after the sale is confirmed in terms of Rule 9, particularly Sub-rule (9) of

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 … free from all encumbrances known to the secured creditor or not known to the secured creditor. (emphasis supplied). Section 14 of the NPA Act states that where the possession of any secured asset is required to be taken

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), … Thakore v. Dena Bank Through Authorised Officer (supra) by an order dated 14-6-2006 and stay has also been granted against dispossession of the appellants therein.9.4

Aishwaryaheights Infra Private Limited, Bangalore Vs. The State of Kar ...

Court : Karnataka

Subject : Land Acquisition

J.S.YADAV VS. STATE OF UTTAR PRADESH AND ANOTHER (2011) 6 SCC 570; and (ii) VIDEOCOM INTERNATIONAL LIMITED VS. SECURITIES AND EXCHANGE BOARD OF INDIA-(2015) 4 SCC 33. 8. On the other hand, Sri K.N. Puttegowda, learned Counsel … No.2 has filed objections contending that Government of Karnataka has brought an amendment to Section 14-B of KTCP Act and in the place of Section … short) issued a circular at Annexure L dated 25.9.2014 prescribing certain restrictions regarding relaxation in set backs under Section 14-B of the KTCP Act. In the meantime, Section 14-B of KTCP Act was amended w.e.f. 10.9.2015. 5. It

GSL (India) Ltd. Vs. Asset Reconstruction Co. (India) Ltd. and Others

Court : Mumbai

Subject : Land Acquisition

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 … Financial Institutions were experiencing considerable difficulties in recovering loans and enforcement of securities charged with them. The then existing procedure for recovery of debts due … a competent court, as the case may be, for recovery of its balance dues from the borrower. 21. Section 14 of the SARFAESI Act, is a provision which entitles the secured creditor to approach the Chief Metropolitan Magistrate

Salem Textiles Limited Vs. Authorized Officer of Phoenix Arc Private L ...

Court : Chennai

Subject : Land Acquisition

the third in the year 2004 in the form of Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. Companies (Second Amendment) Act”25. First let us take note of what led to the Companies (Second Amendment) Act, … three other related enactments, namely, (i) The Companies Act, 1956, (ii) The Securities Contracts (Regulation) Act, 1956, and (iii) The Sick Industrial Companies (Special Provisions) … as are vested in a Civil Court under the Code of Civil Procedure in respect of certain matters. Section 14 declared the Board and the Appellate Authority to be a Civil Court for the purpose of Section 195

Keshavlal Khemchand and Sons Pvt Ltd and Ors Vs. Union of India and Or ...

Court : Supreme Court of India

Subject : Land Acquisition

|THE ENFORCEMENT OF SECURITY | |RECONSTRUCTION OF FINANCIAL ASSETS|INTEREST AND RECOVERY OF DEBTS | |AND ENFORCEMENT OF SECURITY |LAWS (AMENDMENT) ACT, 2004 | |INTEREST ACT, 2002 | | |2. Definitions |2. Definitions | | | | |(1) In this Act, … unlike international banks, the banks and financial institutions in India do not have power to take possession of securities and sell them. Our existing legal framework relating to commercial transactions has not kept pace with the changing … tribunal[6]. constituted under Act 51 of 1993 by following the procedure under Section 13 of the Act. Section 13(2) of the Act provides as follows:"2. … No.14343 of 2014) CIVIL APPEAL NOS.1255-56 OF2015(Arising out of SLP (Civil) Nos. 14345-14346 of 2014) CIVIL APPEAL NO.1257 OF2015(Arising out of SLP (Civil) No.14358 of