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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), … 1993 have been enacted by the legislation and added to the Act of 1993 by Amending Act of 2004.Section 22 of the Act of 1993 lays down the procedure and powers of the Tribunal and the Appellate Tribunal.

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

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 … be in addition to, and not 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 of India Act, 1992 (15 of … alleged loan to petitioner No. 2, the respondent bank issued notice under Section 13(2) of the Securitisation Act dated 21-7-2004. By the notice the petitioners … action had been taken earlier under that Act; By virtue of Section 22(1) the Tribunal and the Appellate Tribunal are not bound by the procedure

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 … not in dispute that the Company has made a reference to the BIFR under the Act of 1985. Section 22 of the Act of 1985 provides for suspension of legal proceedings, contracts, etc. pending any inquiry or preparation … 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

Ghanta Infrastructures Ltd., a Company Incorporated Under the Provisio ...

Court : Andhra Pradesh

Subject : Company

Acts : Banking Regulation Act, 1941 - Sections 22 and 22(3); Assam Control Order, 1961; Bombay Tenancy Act, 1939; Company Court Rules, 1959 - Rule 79; Constitution of India - Articles 12, 14, 19(1), 32, 226 and 300A; Code of Criminal Procedure (CrPC) , 1973 - Sections 313; Enforcement of Security Interest and Recovery of the Debts Laws (Amendment) Act, 2004; Evidence Act, 1872 - Sections 78(2) and 81; Companies Act, 1956 - Sections 4A, 81, 91, 100, 190, 224 to 233, 235 to 351, 391-394, 433, 617, 619 and 643; Companies Act, 1913 - Sections 153; Indian Contract Act, 1872 - Sections 172; Industrial Courts Act, 1919; Industries (Development and Regulation Act, 1951; International Finance Corporation (Status, Immunities and Privileges) Act, 1958; Madras Agriculturalists' Relief Act; Recovery of

Reported in : 2008(2)ALT611

3(3)(h) of the Act has been introduced by the Enforcement of Security Interest and Recovery of the Debts Laws (Amendment) Act 2004. Section 2 of the Act deals with Definitions and Section 2(b) defines 'asset reconstruction' as:Unless the context otherwise requires … and ICICI Bank in relation to the financial assets and the underlying securities vested in the ARCIL by other Banks such as S.B.I., Punjab National … the statutory responsibilities, hence there is an element of public law, involved in the activities of the Bank. Section 22 of the Banking Regulation Act provides for licensing of banking companies. No company can carry on banking business

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 … demand notice similar to Section 156 of the Income Tax Act. In this connection, learned Counsel submitted, that Section 22 of the NPA Act refers to default in repayment of debt on the part of the borrower plus

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 … the Company. Pending the said inquiry, no recovery proceeding shall be maintainable against the Company as envisaged by Section 22 of the Act of 1985. He has submitted that the action taken by the bank pending the inquiry … 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

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) … of the Securitisation Act for the purpose of bringing an end to the proceedings before the BIFR. Since Section 22 of SICA refers to the stage of proceedings under Sections 16 and 17 of SICA and as we

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 … (4) of section 4, section 5, sub-section (2) of section 7A, section 13, sub-section (2) of section 18, section 22, and sub-section (2) of section 28 of the Act shall also be exercisable by the Securities and Exchange

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 … equitable mortgage. The petitioner cleared entire dues of the housing loan on 22-12-2011. The Bank did not return original documents of the property that was