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A.Varalakshmi. Vs. the Chief Manager and ors.

Court : Chennai

Subject : Banking

Acts : Security Interest (Enforcement) Rules, 2002 - Rule 9(1)(2), 8(6)(7), 8(5)(b)(c), Section 38; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Section 13(2)(4), 13(3A), 2(1)(f), 14; Constitution of India - Articles 226

raises the following questions:-(1)Whether in terms of the second proviso to sub-rule (2) of Rule 9 of the Security Interest (Enforcement) Rules, 2002, the secured creditor could sell the secured asset below the reserve price mentioned in the sale notice without

Somnath Manocha Vs. Punjab and Sind Bank and ors.

Court : Delhi

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Sections 13(2), 13(4), 2(l), 36, 17; Code of Civil Procedure (CPC) - Order 37; Security Interest (Enforcement) Rules, 2002 - Rule 9

the Bank issued the possession notice under Section 13 (4) SARFAESI Act read with Rule 9 of the Security Interest (Enforcement) Rules, 2002. Thereafter, the present writ petition was filed.6. On 26th April 2005 this Court directed notice to issue in … 1. Aggrieved by a notice dated 20th November 2004 issued by Respondent No. 1 Punjab & Sind Bank (‘Bank’) under Section 13 (2) of the

Blue Coast Hotels Limited Vs. IFCI Limited

Court : Mumbai

Subject : Education

Financial Institutions Act, 1993 (51 of 1993) or any other law for the time being in force." THE SECURITY INTEREST ENFORCEMENT RULES, 2002- "Rule 3. Demand notice- (1) The service of demand notice as referred to in sub-section (2) of section 13

Oriental Bank of Commerce Vs. Naresh Khushaldas Gangtani

Court : Gujarat

Subject : Civil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 12, 13, 13(1), 13(2), 13(4), 13(4A), 14, 17, 17(1), 17(3), 34 and 35; Northern India Canal and Drainage Act, 1873; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Code of Civil Procedure (CPC) , 1908 - Sections 9 and 9A - Order 7, Rules 10 and 11 - Order 14, Rule 2 - Order 15, Rule 1; Security Interest (Enforcement) Rules, 2002 - Rules 8, 8(1), 8(4), 9, 9(6) and 9(9); Constitution of India - Articles 105, 105(2), 226, 227 and 228

Reported in : AIR2007Guj172; 2008GLH(1)665; (2008)1GLR171

13(2), 13(4), 13(4A), 14, 17(1), 17(3) of the Act as well as Rules 8, 8(4), 9(6), 9(9) of Security Interest (Enforcement) Rules, 2002 completely vest the jurisdiction in the DRT and by virtue of Sections 34 and 35 of the Act … Shah, in support of his submission that while considering an application raising preliminary issue filed under Order 14, Rule 2 of the CPC the Court normally decides all the issues together, has relied on the decision of Narendra

Mohinder Pal Singh and Another Vs. State Bank of India and Another

Court : Punjab and Haryana

Subject : Land Acquisition

the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the Security Interest (Enforcement) Rules, 2002, framed thereunder have laid down well defined procedures not only for enforcing security interest but also for auctioning … which came up before the Honourable Supreme Court, the Honourable Supreme Court observed that we are governed by rule of law in the country and the recovery of loans or seizure of vehicles could be done only … J. This order shall dispose of Civil Writ Petition No. 11662 of 2010 and Civil Writ Petition No. 299 of 2011, challenging the action of

Tata Venkata Shiva Maheshwara Rao Vs. the Manager, Centurian Bank of P ...

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(4), 13(8), 14, 17, 31, 35 and 37; Andhra Pradesh Building (Lease, Rent and Eviction) Control Act, 1960; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Kerala Buildings (Lease and Rent Control) Act; Companies Act, 1958; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; State Financial Corporation Act, 1951 - Sections 46B; Transfer of Property Act, 1882 - Sections 69, 69A, 106 and 107; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Rules, 2002 - Rules 2, 4(5), 8(1), 8(3), 9(6) and 9(9)

Reported in : 2008(3)ALD488; 2008(6)ALT597; (2008)2CompLJ534(AP)

attention of this Court to Sections 31(e) and 35 of the Act and also Rule 9 of the Security Interest (Enforcement) Rules, 2002 as well. The learned Counsel would maintain that the bona fide tenants, at the best, may invoke the … petitioner from the Flat bearing No. 101, H. No. 1-6- 16/6/B, situated at Plot No. 11, S. No. 228, Sri Santoshi Nilayam, Phanigiri Colony, Vanasthalipuram, Hyderabad and to pass such other suitable orders.4. Sri B.Shanker, learned Counsel

Gauri Shankar Prasad Vs. Chief Manager, State Bank of India and ors.

Court : Jharkhand

Subject : Property

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 13, 13(2), 13(4), 17, 17(1), 17(2), 17(3), 17(7), 18 and 18(1); Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Amendmend) Act; Security Interest (Enforcement) Rules, 2002 - Rule 8, 13, 13(1) and 13(2); Recovery of Debts due to Bank and the Financial Institution Act, 1993 - Sections 1(4) and 3; Recovery of Debts due to Bank and the Financial Institution Rules, 1993; Debts Recovery Tribunal Act; Constitution of India - Article 226

Reported in : AIR2009Jhar47; 2009(57)BLJR352; [2008(4)JCR420(Jhr)]

provision also lays down the prescribing of different fees for making applications by the borrowers.Rule 13 of the Security Interest (Enforcement) Rules, 2002 provides for fees for application and appeals under Sections 17 and 18 of the Securitization & Reconstruction of … in this writ application has made the following prayers:(a) For an order for quashing the Possession Notice dated 22.11.2007, issued by the Respondent No. 2, under Section 13(4) of the Securitization and Reconstruction of Financial Assets and

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)

above submission, the learned Additional Solicitor General would contend that as per Rules 8 and 9 of the Security Interest (Enforcement) Rules, 2002, the time schedule to be followed in the sale of secured assets, including the 'time of sale', 'issue … to take place.22. As against the above submission, the learned Additional Solicitor General would contend that as per Rules 8 and 9 of the Security Interest (Enforcement) Rules, 2002, the time schedule to be followed in the … proceedings initiated by the Indian Bank (Petitioner in W.P. No. 10077 of 2005) (hereinafter referred to as 'Indian Bank') under the provisions of the Securitisation

State Bank of Travancore vs M/S.Bio Research Pharmaceuticals

Court : Kerala

Court considered a saleeffected invoking provisions under SARFAESI Act read along with Rules 8 and 9 of the Security Interest (Enforcement) Rules 2002. The facts disclosed in the above case would show that the sale was notified to take place on … for recovery of tax. The recovery has to be effected by the Tax Recovery Officer as seen from Rule 2 to the Second Schedule. This Tax Recovery Officer has to be construed as a Recovery Officer in the

State Bank of Travancore, vs M/S. E.V.K. Oushadhasala

Court : Kerala

Court considered a saleeffected invoking provisions under SARFAESI Act read along with Rules 8 and 9 of the Security Interest (Enforcement) Rules 2002. The facts disclosed in the above case would show that the sale was notified to take place on … for recovery of tax. The recovery has to be effected by the Tax Recovery Officer as seen from Rule 2 to the Second Schedule. This Tax Recovery Officer has to be construed as a Recovery Officer in the