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Sri R Ranganatha Vs. Indian Bank

Court : Karnataka

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 … from any person or a pooled investment vehicle as defined in clause (da) of Section 2 of the Securities Contracts (Regulation) Act, 1956,]. by a bank or a financial institution or by a consortium of banks or … 2012 from any person instead of making an application under this Chapter. 16 (1-B) In case, a bank being, multi-State co-operative bank referred to in

M/S Anita International Vs. Tungabadra Sugar Works Maz.Sangh and Ors.

Court : Supreme Court of India

Subject : Company

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 … motion, the creditor concerned is to approach the Company Court for appropriate directions regarding the realisation of its securities consistent with the relevant provisions of the Companies Act regarding distribution of the assets of the company-in-liquidation.” (emphasis … of the sale proceedings at the hands of the Recovery Officer, under Section 529A of the Companies Act. It would be relevant to mention, that … of Karnataka. Deve Sugars Ltd. was ordered to be wound up on 16.4.1999. An Official Liquidator was accordingly directed to take possession of the properties

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. … that point of time.32. The Committee submitted its 1st Report on the 16th November, 1991. While examining the various aspects of the financial system, the

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 … taken by the auction purchaser is that the secured property is situated outside Mumbai and therefore as per section 16 of the Code of Civil Procedure, 1908 (for short, the âCPCâ?), the DRT â“ III, Mumbai would have

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) … both the Acts were construed, the Supreme Court eventually came to the conclusion that where an enquiry under Section 16 or 17 of SICA was pending, or where an appeal was pending under Section 25 of SICA, there

V.K. Sekhar Vs. Indian Bank, Greamset Branch and anr.

Court : Andhra Pradesh

Subject : BankingCivil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(2), 13(3A), 13(4), 17(1), 31, 35 and 37; Recovery of Debts due to Banks and Financial Institutions Act, 1993 - Sections 2, 19 and 19(1); Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Companies Act, 1956; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Code of Civil Procedure (CPC) , 1908 - Sections 60(1); Constitution of India - Article 226

Reported in : 2006(6)ALD778

cause of action, wholly or in part, arises.(2)...11. Under the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004 (for short, 'the Amendment Act, 2004), Section 19 of the RDB Act, 1993 was amended with effect from … shows that it is specifically aimed at empowering the Banks and Financial Institutions to take possession of the securities given for financial assistance and sell the same for recovery of the dues declared as NPAs without the … writ petition is filed seeking a declaration that the Auction Notice dated 16-1-2006 issued by the 1st respondent Bank proposing to sell the properties belonging

Bank Of Rajasthan Ltd. Vs. Vck Shares And Stock Broking Services Ltd.

Court : Supreme Court of India

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 (30 of 2004) for the purpose of taking action under the Securitisation and Reconstruction of Financial Assets and … to a limit of Rs.5 crores. This additional credit was secured by the deposit of shares, stocks, and securities of various companies. The respondent did not adhere to financial discipline, resulting in the appellant issuing a notice … being OA No.263 of 1997, for recovery of the amounts due under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions … dated 11.02.2004 but restored later before a Single Judge vide order dated 16.01.2013. We are informed that these proceedings also stand dismissed on 26.08.2019 and,

Dsq Securities Ltd. Vs. Securities and Exchange Board of India

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

Subject : Land Acquisition

Reported in : (2006)67SCL51SAT

thereupon whichever is later. 3. Shri Dinesh Dalmia, Managing Director, of the company be debarred from dealing in securities for a period of one year or completion of investigation and action thereupon whichever is later. Subsequently SEBI … action of the SEBI in issuing directions in accordance with Section 11 and 11B as amended by SEBI Amendment Act, 2002 which came into force on 29.10.2002 read with Regulation 11 of FUTP Regulations 2003 is unconstitutional. 2. … Items (iii), (iv) and (v) of the impugned order dated 9th September, 2004 stand modified accordingly. (n) Items (i) and (ii) of the impugned order … has no power whatsoever to issue directions contained in the impugned order." 16. Notwithstanding the above contentions, the learned counsel submitted that it is the

Authorized Officer, Indian Overseas Bank and anr. Vs. Ashok Saw Mill

Court : Supreme Court of India

Subject : BankingCivil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(2), 13(4), 17, 17A, 17(3) and 36; Security Interest (Enforcement) Rules, 2002 - Rule 8; Limitation Act; Transfer of Property Act - Sections 69 and 69A; Security Interest (Enforcement) Rules, 2002 - Rule 8; Code of Civil Procedure (CPC) - Order 47, Rule 7; Constitution of India - Article 14

Reported in : AIR2009SC2420; (2009)8MLJ897(SC); 2009(II)OLR(SC)348; (2009)8SCC366; [2009]94SCL73(SC); 2009(7)LC3168(SC):2009AIRSCW4949

assets, manage problems of liquidity, asset 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 reconstruction. The provisions of Section … were ultimately heard and dismissed by a common order on 23rd April, 2004, with liberty to the respondent firm to approach the Debts Recovery Tribunal … for the respondent, submitted that after the pronouncement of the decision in Mardia Chemicals Ltd.'s case (supra), certain amendments were effected to Section 17 of the SARFAESI Act, whereby the provisions of Sub-sections (2) and (3) of … Debts Recovery Tribunal at Madurai. The appellant Bank filed Review Petition No. 165 of 2007, praying for recall of the order dated 18th September, 2007,

Kamaldeep Synthetic Ltd., by Managing Director V. Nandakumar Vs. Indus ...

Court : Chennai

Subject : Banking

Acts : Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19 and 19(1); Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(2), 13(4), 13(10), 17, 17(2), 29, 31, 32, 34, 35 and 36; Security Interest and Recovery of Debts Laws (Amendment) Act, 2004; Limitation Act, 1963; State Financial Corporation Act - Sections 3 and 31; Constitution of India - Article 226

Reported in : [2007]139CompCas52(Mad); (2007)1CompLJ190(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 … directing the petitioner to nominate its members, but also vetted and approved the names of independent Directors, thereby securing majority for its nominee and independent Directors, effectively and factually interfered in all the affairs of the petitioner … the parties has not vested any right on the respondent to invoke Section 19 of the Recovery of Debts Due to Banks and Financial Institutions … SARFAESI Act), threatening initiation of proceedings, for which reply was given on 16.2.2006. The respondent claims to have exercised power under Section 13(4) of the