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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

Arihant Pharma Represented by Its Partner Mr. P. Madan Mohan Vs. the R ...

Court : Karnataka

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Securing Interest Act, 2002 - Sections 13(2), 17 and 18; Recovery of Debts Due to Banks and Financial Institutions Act; Railway Claims Tribunal Act; Code of Civil Procedure (CPC) , 1908 - Order 33, Rules 1 and 2; Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest (Removal of Difficulties) Order, 2004; Debt Recovery Tribunal (Procedure) Rules, 1993 - Rule 7; Security Interest (Enforcement) Rules, 2002 - Rule 13; Railway Claims Tribunal Rules; Securing Interest (Enforcement) (Amendment) Rules, 2007

Reported in : ILR2009KAR3190; 2009(6)KarLJ599

was pronounced on 29.11.2006.By a notification in the Gazette of India dale 02.02.2007, The Central Government amended the Security Interest (Enforcement) Rules, 2002 and introduced Rule 13 thereunder- by virtue of which the court-fees payable for applications and appeals under Sections … Financial Assets and enforcement of the Security Interest (Removal of Difficulties) Order, 2004, and it was provided that Rule 7 of the Debt Recovery Tribunal (Procedure) Rules, 1993, shall, mutatis mutandis, apply to appeals under the Securitization Act.This

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 … 6. We have heard the learned counsel appearing for the petitioner- Bank. 7. According to the learned counsel for the petitioner, the first respondent is

Business India Builders and Developers Ltd. Vs. Union Bank of India an ...

Court : Kerala

Subject : Banking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13, 14, 35 and 37; Kerala Buildings (Lease and Rent Control) Act; 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; State Financial Corporation Act, 1951 - Sections 46B; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Enforcemerits) Rules 2002 - Rules 8, 9(7) and 9(9); Code of Civil Procedure (CPC)

Reported in : AIR2007Ker114

was preferred by the appellant herein seeking a declaration that the word 'encumbrances' enumerated in Rule 9(9) of Security Interest (Enforcement) Rules 2002 does not include tenancy arrangements with respect to the secured assets sold as per Rule 8 and also … decision of the Division Bench of this Court in Shameem v. City Police Commissioner 2005 (4) KLT (SN) 70 requires reconsideration since the Bench has not properly considered the effect of Rules 9(7) and 9(9) of the

P.M.Associates Vs. Ifci Limited

Court : Chennai

Subject : Land Acquisition

properties. (iii)According to the petitioner, the Sale Certificate was issued under Rule 7(2) and Rule 9(6) of the Security Interest (Enforcement) Rules 2002 read with Section 13(12) of the SARFAESI Act and Rule 8 & 12 of the Rules. Further, according

K. Chidambara Manickam Vs. Shakeena and ors.

Court : Chennai

Subject : PropertyBanking

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13(2), 13(4), 13(6), 13(8), 17, 35 and 37; Transfer of Property Act, 1882 - Sections 2, 54, 57 and 60; Registration Act, 1908 - Sections 10(2), 17, 17(1) and 17(2); 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; Security Interest (Enforcement) Rules 2002 - Rule 9 and 9(7); Constitution of India - Article 226

Reported in : AIR2008Mad108; [2009]152CompCas196(Mad)

issued necessary advertisement in newspapers fixing the auction date as 19-12-2005 in terms of Rule 9 of the Security Interest (Enforcement) Rules 2002 (hereinafter referred to as 'the Rules'). The respondents 2 and 3, therefore, followed the procedure contemplated under law.6.2

S. Ravi Kanth and anr. Vs. A.P. Mahesh Co-operative Urban Bank Ltd. an ...

Court : Andhra Pradesh

Subject : Civil

Acts : Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 2, 13, 13(1), 13(2), 13(4), 13(4A), 13(5), 13(8), 14, 14(1), 14(2), 14(3), 17, 17(1), 17(3), 17A, 18, 18A, 18B, 19, 40 and 40(1); Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Amendment) Act, 2004; Transfer of Property Act, 1882 - Sections 81; Multi State Cooperative Societies Act, 2002 - Sections 84; Debts Recovery Tribunal Act - Sections 19; Recovery of Debts Due to Banks and Financial Institutions Act, 1993; Terrorist and Disruptive Activities Act; Security Interest (Enforcement) Rules, 2002 - Rules 8, 8(1), 8(2), 8(4), 9, 9(4), 9(5), 9(6), 9(7) and 9(9); Debts Recovery Tribunal (Procedure) Rules, 1993 - Rule 7; Securiti

Reported in : 2008(1)ALT225

said Flat. It may be appropriate to have a look at Rule 8 and Rule 9 of the Security Interest (Enforcement) Rules, 2002. Rule 8 dealing with sale of immovable secured assets reads as hereunder:(1) Where the secured asset is an immovable … to the purchaser free from encumbrances known to the secured creditor on deposit of money as specified in Sub-rule (7) above.(10) The certificate of sale issued under Sub-rule (6) shall specifically mention that whether the purchaser has purchased

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 … by the Bank and that such appeal was not maintainable having regard to the provisions of Order 47 Rule 7 of the Code of Civil Procedure. Consequently, the order passed therein was invalid on such score as well

Sree Lakshmi Products Rep. by Its Partner Vs. State Bank of India

Court : Chennai

Subject : Property

Acts : Tamil Nadu Buildings (Lease and Rent Control) Act; Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 - Sections 13(2), 13(3), 13(4), 13(4A), 13(6), 13(7), 13(8), 13(9), 13(10), 13(13) 17, 17(4) and 35; Transfer of Property Act, 1882 - Sections 65A; State Financial Corporations Act, 1951 - Sections 29; Income Tax Act, 1961 - Sections 269UD; Companies Act, 1956 - Sections 529A; Kerala Buildings (Lease and Rent Control) Act; Delhi Rent Control Act; State Financial Corporations Act; Security Interest (Enforcement) Rules, 2002 - Rules 8, 8(1), 8(3), 8(4), 9, 9(6) and 9(9); Code of Civil Procedure (CPC) , 1908 - Order 40, Rule 1; Debts Recovery Tribunal Act, 1993 - Sections 19(1); NPA Act - Sections 19(1), 13(4), 13(11), 14, 17,

Reported in : [2007]78SCL257(Mad)

It was argued that actual physical possession of immovable assets can be taken under Rule 8(3) of the Security Interest (Enforcement) Rules, 2002, in cases where there is a vacant plot or property which is lying unattended, but where the immovable … decision of the Supreme Court in Krishnan Singh Rana v. Haryana State Industrial Development Corporation 2000 (4) CTC 767 : 2000 (Supp) MLJ 63, where a Two Judge Bench of the Supreme Court held that a corporation

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 … sale of the property for next 60 days. Subsequently, no bids were received and the auction failed. On 7 March 2014, IFCI challenged DRT order before Debts Recovery Appellate Tribunal (DRAT). DRAT directed DRT to dispose of