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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 … Court from deciding the matter till this petition is heard by this Court. This Court has thereafter issued rule on 22-3-2005 and interim relief granted by this Court earlier was ordered to be continued.3. It is the

Authorised Officer Vs. R. Krishnasamy and ors.

Court : Chennai

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Section 13(2); Code of Civil Procedure (CPC) - Order 21 Rule 72; Security Interest (Enforcement) Rules, 2002 - Rules 9(1), 8(6)

The said appeal was allowed on the ground that the provisions of Rules 8(6) and 9(1) of the Security Interest (Enforcement) Rules, 2002 has been violated. This order is put in issue in this writ petition. 6. We have heard the … before the Debts Recovery Appellate Tribunal. The said appeal was allowed on the ground that the provisions of Rules 8(6) and 9(1) of the Security Interest (Enforcement) Rules, 2002 has been violated. This order is put in … the sale of immovable properties, conducted by the petitioner - Bank on 3.7.2007. 2. The facts leading to the present writ petition are as follows:-

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 … For regulating the procedure for recovery, the Central Government is empowered to make Rules in terms of Section 38. By virtue of that provision, the Security Interest (Enforcement) Rules, 2002 were made. For the purpose of sale

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

the borrower in the sales process and the Authorized Officer is also empowered under Rule 8 of the Security Interest (Enforcement) Rules, 2002, to sell the secured assets by way of private treaty.9. Mr. Gopalan lastly contended that the Writ Appeal … liberty to the respondent firm to approach the Debts Recovery Tribunal (hereinafter referred to as `the DRT'), within 30 days. Since, despite such liberty, the respondent firm did not approach the DRT, the Bank took a decision

Maple Solutions Ltd. Vs. Bank of India and Anr.

Court : Delhi

Subject : Land Acquisition

public notice for sale quoted above as also in breach of the command of Rule 9(3) of the Security Interest (Enforcement) Rules, 2002 which govern the action of the secured creditor under Section 13 of the SARFAESI Act.8. Rule 9(3) may

Trade Well, a Proprietorship Firm and Mr. Suniel K. Mehta, Proprietor ...

Court : Mumbai

Subject : BankingCriminal

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) - Sections 13, 13(1), 13(2), 13(3A), 13(4), 14, 14(3), 17, 17(1), 17(3), 18, 19, 31, 34, 35 and 38; Transfer of Property Act - Sections 47 and 48; Arbitration and Conciliation Act, 1996 - Sections 11(4), 11(5), 11(6) and 11(7); Registration Act; Bombay Police Act; Customs Act; Representation of People Act - Sections 81; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 19(1), 20 and 22; Code of Criminal Procedure (CrPC) - Sections 357; U.P. Krishi Utpadan Mandi Abhiniyam, 1964 - Sections 17; Security Interest (Enforcement) Rules, 2002 - Rules 8, 8(3), 9, 9(6), 9(7), 9(8), 9(9) and 9(10); Code of Civil Procedure (CPC) - Order 21, Rules 95 and 96; Constitu

Reported in : 2007CriLJ2544; [2008]81SCL173(Bom)

possession is required to be taken or not. 12. He then took us to Rule 8(3) of the Security Interest (Enforcement) Rules, 2002 (for short, 'the said Rules') and contended that this Rule speaks about what the authorised officer is supposed

Shakeena and Vs. Bank of India and ors.

Court : Chennai

Subject : Company

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(2), 13(4), 13(8), 17, 35 and 37; Companies Act, 1956; Securities Contracts (Regulation) Act, 1956; Securities and Exchange Board of India Act, 1992; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Transfer of Property Act - Sections 54, 60, 69, 69(3) and 69A; Indian Registration Act - Sections 17; Uttar Pradesh Sales Tax Act; Constitution of India - Article 226; Income Tax Rules - Rule 60; Security Interest (Enforcement) Rules, 2002 - Rules 3, 4, 9, 9(3), 9(4), 9(5), 9(6) and 9(7); Security Interest (Enforcement) Rules, 2003 - Rule 9

Reported in : AIR2008Mad10; [2007]138CompCas976(Mad)

1993 (51 of 1993) or any other law for the time being in force.8. Rule 9 of the Security Interest (Enforcement) Rules, 2002, read as under:Rule 9. Time of sale, issue of sale certificate and delivery of possession, etc. - (1) … annum within a period of 60 days; that the petitioner sent representations on December 10, 2004, and December 30, 2004, requesting the respondent-bank to consider a one-time settlement to settle the dues; that since there was no

Syndicate Bank, a Bank Constituted Under the Central Act 5 of 1970 Rep ...

Court : Karnataka

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 13(2), 13(4), 13(7), 17, 17(1), 17(3), 17(5), 17(7), 18 and 34; Recovery of Debts Due to the Banks and Financial Institutions Act, 1993 - Sections 19(25) and 22(2); Security Interest (Enforcement) Rules, 2002 - Rule 8(4)

Reported in : AIR2007Kant125; III(2008)BC274; [2007]138CompCas867(Kar); ILR2007KAR2449; 2007(6)KarLJ171

is further contended that having regard to Section 13(7) of the Act read with Rule 8(4) of the Security Interest (Enforcement) Rules, 2002 ('the Rules' for short), which are express provisions enabled the authorised officer of the Bank to engage a … challenged the order passed by the Debt Recovery Tribunal, Bangalore, ('Tribunal' for short) dated 22.12.2006 in ASA No. 35/2005 directing redelivery of possession of the property in question which was proceeded against by the petitioner through its

Central Bank of India Vs. State of Kerala and ors.

Court : Supreme Court of India

Subject : Sales Tax/VAT

Acts : Bombay Sales Tax Act, 1959 - Sections 38C and 39; Kerala General Sales Tax Act, 1963 - Sections 2, 2(2) and 26B; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 2, 2(1), 13(4), 13(10), 13(12), 11(2), 17, 17(1), 17(2), 17(5), 18, 19(1), 19(6), 19(7), 19(8), 19(12), 19(13), 19(18), 19(19), 20(1), 21, 22, 25, 28, 29, 31(1), 31A, 34(1), 36 and 37; Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2000; Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2004; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 3 to 12, 13, 13(1), 13(2), 13(3A), 13(4), 13(7), 13(9), 13(10), 13(12), 34(1), 35 and 38(1); Kerala Revenue Recovery Act, 1968 - Sectio

Reported in : [2010]153CompCas497(SC); JT2009(3)SC216; 2009(3)SCALE451; (2009)4SCC94; (2009)12VatReporter137; (2009)21VST505(SC); JT2009(1)SC216; [2009] 3 SCR 735

say that the rights of the borrower would be defeated without adjudication would be erroneous.Rule 8 of the Security Interest (Enforcement) Rules, 2002 ('2002 Rules') deals with the stage anterior to the issuance of sale certificate and delivery of possession under … G.S. Singhvi, J.1. Leave granted in S.L.P. (C) No. 24767 of 2005.2. Whether Section 38C of the Bombay Sales Tax Act, 1959 [for short 'the Bombay Act'] and Section 26B of the Kerala

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 of