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Tensile Steel Ltd. and anr. Vs. Punjab and Sind Bank and ors.

Court : Gujarat

Subject : SICA

Acts : Companies Act, 1956; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 5(1), 13, 13(2), 13(3A), 13(4), 13(10), 14, 17, 35, 37 and 41; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19, 19(1), 19(15) and 24; Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Limitation Act, 1963; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 15, 15(1), 22, 22(1) and 22(5); Code of Civil Procedure (CPC) - Order 23, Rule 1(3); Constitution of India - Article 226

Reported in : AIR2007Guj126; [2007]139CompCas359(Guj); [2007]79SCL570(Guj)

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 … preparation of a scheme or during implementation of the sanctioned scheme in respect of an industrial company. However, Section 15 of the Act of 1985 has been amended by Section 41 of the Act of 2002. By the … the action of the Bank in initiating the recovery proceeding under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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), … 'the Act of 2002'). The petitioners have also challenged a communication dated 15-5-2006 by which the respondent-Company disposed of the objections of the petitioners to

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 … (Petitioner in W.P. No. 10077 of 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 (in short, 'SARFAESI Act').2. W.P. No. … 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 … the records relating to Tender Notification issued by the Indian Bank, dated 15.2.2005 published in The Hindu, dated 16.2.2005, to quash the same and consequently

Bhishma N. Thakore Vs. Dena Bank

Court : Gujarat

Subject : CompanySICA

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 5(1), 13, 13(2), 13(4), 13(3A), 13(10), 35, 37 and 41; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19, 19(1), 19(15) and 24; Sick Industrial Companies (Special Provisions) Act, 1985 - Sections 15, 15(1), 22 and 22(1); Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Limitation Act, 1963; Constitution of India - Article 226; Code of Civil Procedure (CPC) - Order 23, Rule 1(3)

Reported in : [2007]80SCL44(Guj)

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 … reference before the Board for Industrial and Financial Reconstruction (hereinafter referred to as 'the BIFR') as envisaged by Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985 ('the Act of 1985'). The BIFR has been seized … issuing notice for remittance of its dues under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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 … of the secured creditor.9. It may be mentioned here that after Securitisation Act, amendment has been made to Section 15 of the SICA as under: 'Section 15: Reference to Board:- (1) Where an industrial company has become a … 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

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) … would result in the automatic abatement of the proceedings before BIFR, in view of the third proviso to section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, inserted by way of amendment under Act 54 of

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 … or against the bank or financial institution, save as provided in the third proviso to Sub-section (1) of Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) the same shall not abate, or … 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

Zameer Ahmed Latifur Rehman Sheikh, Vs. the State of Maharashtra throu ...

Court : Mumbai

Subject : Constitution

Acts : Maharashtra Control of Organised Crime Act, 1999 - Sections 2, 2(1) and 15; Prevention of Terrorism Act; Unlawful Activities Prevention Act, 1967; Unlawful Activities Prevention (Amendment) Act, 2004; Industrial Disputes Act, 1947 - Sections 2A; Public Premises (Eviction of Unauthorized Occupants) Act, 1971; Indian Penal Code; Constitution of India - Articles 13(2), 141, 226, 246, 246(3), 248, 254, 254(1) and 254(2)

Reported in : 2008(1)ALLMR391; 2007(6)BomCR294

to curb terrorism and insurgency. Subsequently POTA was repealed on account of its misuse and Unlawful Activities Prevention (Amendment) Act, 2004 was enacted and incorporated in the Unlawful Activities Prevention Act, 1967 (for short, 'UAPA 1967'). The new provisions … to the Union Law when there is direct conflict between the two laws. Such repugnancy may also arise when both laws operate in the same … Section 2(k) of the UAPA, 1967 reads as under:2(k). 'terrorist act' has the meaning assigned to it in Section 15 and the expression 'terrorism' and 'terrorist' should be construed accordingly.41. Section 15 defines 'terrorist act' as under:15. Terrorist … empowers the States to enact a legislation relating to public order or security so far as it relates to a particular State and however wide

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. … Spinning and Weaving Mills, Delhi & Another, AIR1968SC1232considered the question whether Section 150 of the Delhi Municipal Corporation Act (66 of 1957) is unconstitutional on

Mangalore Stock Exchange Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Subject : Right to Information

Reported in : (2006)67SCL27SAT

stock exchange.12. Under the SCR Act, 1956 certain additional provisions were introduced with respect to appeal provisions by Securities Laws (Amendment) Ordinance, 2004. Certain orders passed by the Central Government were appealable to the Tribunal under the provisions of … Securities and Exchange Board of India (hereinafter referred to as 'SEBI') dated 31st of August 2004 issued under section 4(4) of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as "SCR Act, 1956") read with Government … the counsel for the appellant that an appeal will lie under Section 15T of the SEBI Act since it is, in effect, an order by