Court : Chennai
Reported in : AIR2007Mad268; I(2008)BC440; (2007)4MLJ245
..... the constitutional validity of provisions of section 17 of the securitisation and reconstruction of financial assets and enforcement security interest act, 2002 as amended by the enforcement of security interest and recovery of debts laws (amendment act) ordinance, 2004 (act 30 of 2004) is challenged in these writ petitions under article 226 of the constitution of india.2. ..... the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, (hereinafter referred to as 'the act') has been enacted to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected thereto. ..... relying on the above observations, it is contended that by virtue of amendment, the scope of section 17 of the act is restricted as to the compliance of the provisions of the act alone and various other grounds such as demand of amount has been recovered and failure to follow the mandatory guidelines of reserve bank of india and offer of one time settlement, calculation of interest and nature of secured creditors and all the incidental questions cannot be gone into by the debt recovery tribunal.10. ..... it is seen that by the amendment, the legislature has deleted sub-section (2) of section 17 of the act, which was held to be unconstitutional by the supreme court in mardia chemical's case and sub-sections 2 to 6 were inserted in section 17 of the act and original sub-section (3) is renumbered as sub-section (7). .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2006(6)ALD778
..... 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 11.11.2004 by inserting the following provisos after sub-section (1) of section 19:provided that the bank or financial institution may, with the permission of the debts recovery tribunal, on an application made by 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 interest act, 2002 (54 of 2002), if no such action had been taken under that act. ..... while so, under the enforcement of security interest and recovery of debt laws (amendment) act, 2004, both the securitisation act, 2002 and the rdb act, 1993 were suitably amended in the light of the observations made by the supreme court in mardia chemicals ltd. v. ..... the impugned sale notice is challenged in this writ petition primarily on the ground that the action of the respondents in invoking parallel remedies under the recovery of debts due to banks and financial institutions act, 1993 (for short, 'rdb act, 1993') and the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (for short, 'the securitisation act, 2002') simultaneously is impermissible and illegal. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR2006P& H107; I(2006)BC1; (2006)142PLR1; [2006]70SCL177(Punj& Har)
..... validation of fees levied-any fee levied and collected for preferring, before the commencement of the enforcement of security interest and recovery of debts laws (amendment) act, 2004, an appeal to the debts recovery tribunal or the appellate tribunal under this act, shall be deemed always to have been levied and collected in accordance with law as if the amendments made to sections 17 and 18 of this act by sections 10 and 12 of the said act were in force at all material times.38. ..... in fact, insertion of section 18-a of the act, validating the levy and collection of fee before the commencement of the amending act itself shows that the order issued by the central government on 6.4.2004 has not been validated or incorporated in the statute. ..... :if a subsequent act brings into itself by reference some of the clauses of a former act, the legal effect of that, as has often been held, is to write those sections into the new act as if they had been actually written in it with the pen, or printed on it. ..... therefore, whether the provisions of the previous act have been incorporated by reference or have been cited or referred to in the subsequent act, the legal effect is to write those sections into the new act as if they have been actually written in it with the pen or printed in it. .....
Tag this Judgment!Court : Gujarat
Reported in : (2007)2GLR1230
..... 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 interest act, 2002 (54 of 2002), if no such action had been taken earlier under that act:provided further that any application made under first proviso tor seeking permission from the debts recovery tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of within thirty days from the date ..... any right upon the borrower to prefer an application to the debts recovery tribunal under section 17 or the court of district judge under section 17a.17.1 it is well settled that the principles of natural justice and requirement of hearing can be curtailed or debarred by express statutory provisions or also by necessary implications.17.2 in the act of 2002, proviso to sub-section (3a) of section 13, clearly debars any further application to the debt recovery tribunal under section 17 or to the district judge under section 17a against the communication of reasons by the secured creditors rejecting the objections of the borrowers. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2008(2)ALT611
..... :provided that the decision of the reserve bank, whether the change in management of a securitisation company or a reconstruction company is a substantial change in its management or not, shall be final.explanation: for the purposes of this section, the expression 'substantial change in management' means the change in the management by way of transfer of shares or amalgamation or transfer of the business of the company.section 3(3)(g) & (h) of the act would assume some importance and it is pertinent to note that section 3(3)(h) of the act has been introduced by the enforcement of security interest and recovery of the debts laws (amendment) act 2004. ..... letter of credit, guarantee, performance bond provided by any party in respect of the new project and (c) insurance contracts or, as the case may be, insurance proceeds in respect of the new project.new project contracts shall mean the following contracts, agreements, as amended/as may be amended and supplemented from time to time in respect of the new project and such other contracts and agreements that may be executed afresh for implementation of the new project, including all the necessary and incidental undertakings, powers of attorney, declarations, bonds, certificates, no- .....
Tag this Judgment!Court : Jharkhand
Reported in : AIR2009Jhar14; 2008(56)BLJR2914; [2008(4)JCR162(Jhr)]
..... the first proviso to section 19 of the recovery of debts due to banks & financial institutions act, 1993 reads as follows:provided that the bank or financial institution may, with the permission of the debts recovery tribunal, on an application made by 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 interest act, 2002 (54 of 2002), if no such action had been taken earlier under that act.47. ..... acceptable or tenable, he shall communicate within one week of receipt of such representation or objection the reasons for non-acceptance of the representation or objection to the borrower: provided that the reasons so communicated or the likely action of the secured creditor at the stage of communication of reasons shall not confer any right upon the borrower to prefer an application to the debts recovery tribunal under section 17 or the court of district judge under section 17a. .....
Tag this Judgment!Court : Kerala
Reported in : AIR2006Ker42; II(2006)BC386; [2007]138CompCas745(Ker); 2006(1)KLT161; [2006]66SCL14(Ker)
..... whether permission of the debt recovery tribunal is 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 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. ..... 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 interest act, 2002 (54 of 2002), if no such action had been taken earlier under that act:provided further that any application made under the first proviso for seeking permission from the debts recovery tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of within thirty days from the .....
Tag this Judgment!Court : Kerala
Reported in : IV(2006)BC536; 2006(3)KLT121; [2006]72SCL168(Ker)
..... the debts recovery tribunal refuses to grant permission for withdrawal of the application filed under this sub-section, it shall pass such orders after recording the reasons therefor..section 19 enables a bank or a financial institution to make an application before the tribunal to recover a debt from any person who has committed default in repayment.the provisos to sub-section(1) of section 19 were incorporated by the enforcement of security interest and recovery of debts laws (amendment) act 2004 with effect from november ..... 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 interest act, 2002 (54 of 2002), if no such action had been taken earlier under that act;provided further that any application made under the first proviso for seeking permission from the debts recovery tribunal to withdraw the application made under sub-section (1) shall be dealt with by it as expeditiously as possible and disposed of within thirty days from the date of such application-provided also that in case .....
Tag this Judgment!Court : Gujarat
Reported in : AIR2009Guj100
..... consequently, sub-section (3a) was inserted by the enforcement of security interest and recovery of debts laws (amendment) act, 2004 (30 of 2004) with effect from 11.11.2004.7. ..... securitisation act was enacted to regulate securitisation and reconstruction of financial assets and enforcement of security interest and matters connected thereto. ..... the question, we have, been called upon to decide on a reference made by the learned single judge, is 'whether the time-limit of one week provided in sub-section (3a) of section 13 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (for short 'the securitisation act') for communicating the non-acceptance of the representation/objections made by the borrower in response to a notice issue under sub-section (2) of section 13, is mandatory or directory?2. ..... acceptable or tenable, he shall communicate within one week of receipt of such representation or objection the reasons for non-acceptance of the representation or objection to the borrower:provided that the reasons so communicated or the likely action of the secured creditor at the stage of communication of reasons shall not confer any right upon the borrower to prefer an application to the debts recovery tribunal under section 17 or the court of district judge under section 17a. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR2007Guj126; [2007]139CompCas359(Guj); [2007]79SCL570(Guj)
..... one, at the time of making the application, actually and voluntarily resides or carries on business or personally works for gain; or(c) the cause of action, wholly or in part, arises:provided that the bank or financial institution may, with the permission of the debts recovery tribunal, on an application made by 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 interest act, 2002 (54 of 2002), if no such action had been ..... by the said amendment a proviso has been added to sub-section (1) of section 15 of the act of 1985 which reads as under:provided further that no reference shall be made to the board for industrial and financial reconstruction after the commencement of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-section (1) of section 5 of that act:provided also that on or after the commencement of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, where a reference ..... the aforesaid proviso to section 19 has been inserted with effect from 11th november, 2004 by act 30 of 2004. .....
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