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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 … the counter affidavit that the writ petitioner has got an effective alternate remedy against Ext.P4 notice issued under Section 17 of the Securitisation Act.5. Learned single Judge found no reason to examine the question of law raised and … 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

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 … shall not confer any right upon the borrower to prefer an application to the Debts Recovery Tribunal under Section 17 or the Court of District Judge under Section 17-A.(4) In case the borrower fails to discharge his liability

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 … The Apex Court upheld the validity of the provisions of the Act except that of Sub-section (2) of Section 17 of the Act which was declared ultra vires of Article 14 of the Constitution of India. The Apex

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 … Recovery Tribunal.- The fee for filing of an appeal to the Debts Recovery Tribunal under sub-section (1) of section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be mutatis

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 … 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), aggrieved … 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

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

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 … Due to Banks and Financial Institutions Act, 1993, would have the jurisdiction to entertain an application contemplated Under Section 17 of the Act in respect of the debts less than Rs.10 lacs but more than Rs.1 lac ?3.

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 … growth-oriented economy'.8. In view of the above, the Supreme Court upheld the validity of the Securitisation Act, except Section 17(2).9.However, the Supreme Court held that Section 17(2) of the Securitisation Act which requires a pre-deposit of 75% of

Wardhaman Samjibhai Dharamsi and anr. Vs. Bank of Maharashtra

Court : Mumbai

Subject : Banking

Acts : The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 13, 13(2), 13(4), 13(10), 17, 22(1), 22(2), 34, 35, 36, 37 and 37(2); Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19, 19(1) and 34; State Financial Corporations Act, 1951 - Sections 29 and 31; Limitation Act, 1963; Recovery of Debts Laws (Amendment) Act, 2004; Companies Act, 1956; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972; Code of Civil Procedure (CPC)

Reported in : 2006(2)ALLMR218; 2006(1)BomCR394

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 … in derogation of, the Companies Act, 1956 (1 of the 1956), the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange Board … been filed on behalf of the respondent bank but the reply was filed to the appeal preferred under Section 17 of the Securitisation Act, before D.R.T. It is the submission of the respondent that considering Section 35 of

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 … of the Securitisation Act, an effective alternative remedy as provided under Section 17(1) of the Securitisation Act is available to the petitioner.34. In the light