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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 … notification prescribe. Subsequently, the Act was 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 the Supreme Court in Mardia Chemicals … as follows:On 29.09.2003, the Bank issued to the petitioners a notice Under Section 13(2) of the Act calling upon them to pay an amount of … of the Act calling upon them to pay an amount of Rs. 88,61,830.68 p. The petitioners filed reply to the notice on 18.10.2003 disputing their

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 … is concerned, includes mortgage, charge, hypothecation 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 is the special Act whose provisions … ORDER, 2004. (ii) It shall come into force at once.2. Definition. - Debts Recovery … filing of an appeal to the Debts Recovery Appellate Tribunal under Rule 8 of the Debts Recovery Appellate Tribunal (Procedure) Rules, 1994.It is interesting to

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 … true that Ernakulam/Kochi has not been declared a Metropolitan area and therefore going by the provisions contained in Section 8 of the Code of Criminal Procedure, the Judicial Magistrates in Ernakulam are not designated as Metropolitan Magistrates. In

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

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), … that Division Bench of this Court has admitted Letters Patent Appeal No. 831 of 2006 and connected appeals against the decision of learned single Judge

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 … its claim in a sum of Rs. 75,73,873 vide its letter dated 8.3.2005 from the sale money deposited or to be deposited by the fifth

Badrinarayan Shankar Bhandari and Others Vs. Ompraskash Shankar Bhanda ...

Court : Mumbai

Subject : Banking

Constitution. In view of Article 246 of the Constitution of India the laws made by the above mentioned five States, would stand repealed to the … referred for our opinion:- (a) Whether Section 6 of the Hindu Succession Act, 1956 as amended by the Amendment Act, 2005 is prospective or retrospective in operation? (b) Whether Section 6 of the Hindu Succession Act, 1956 as … taken place before the 20th day of December, 2004. (2) Any property to which a female Hindu … the share of the deceased in the coparcenary property on notional partition, in view of proviso to pre-amended Section 8 of the Principal Act. In terms of Section 30 of the Principal Act, a Hindu male can dispose … failure to repay the loan, the bank initiated recovery proceeding under the Securitization Act. The daughters then filed a suit, claiming to be entitled to

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

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 … a pre requisite for a Bank 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 (for short 'Securitisation Act') after the

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 (hereinafter referred to as the Securitisation … people in general which would subserve the public interest (vide paragraph - 81)'.6. The Supreme Court quoted from the Narasimham Committee report which stated:'Banks and