Judgment Search Results Home > Cases Phrase: enforcement of security interest and recovery of debts laws amendment act 2004 section 17 amendment of section 31 Page 1 of about 1,305 results (0.379 seconds)

V.K. Sekhar Vs. Indian Bank, Greamset Branch and anr.

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. .....

Ghanta Infrastructures Ltd., a Company Incorporated Under the Provisio ...

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. ..... pledged with lenders (15.01% of total paid-up equity capital of spgl).option-ii: assets of spgl also had been pointed out and the same reads as hereunder:the interest may be expressed by the expressor for the purchase of assets of spgl.however, the structure and delivery in this option shall be subject to the applicable law and the procedure involved and more particularly under the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 and/or the recovery of debts due to banks and financial assets act, 1993 and rules made thereunder .....

Kalyani Sales Company and anr. Vs. Union of India (Uoi) and anr.

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. ..... 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 actprovided 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 .....

Sahir Shah Vs. Bank of India

Court : Kerala

Reported in : AIR2006Ker42; II(2006)BC386; [2007]138CompCas745(Ker); 2006(1)KLT161; [2006]66SCL14(Ker)

..... by it as expeditiously as possible and disposed of within thirty days from the ..... 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: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 .....

Kirandevi Bansal Vs. D.G.M., Small Industries Development Bank of Indi ...

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. ..... 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. ..... the parliament felt that in view of the various observations made by the supreme court in mardia chemicals (supra) case : air 2004 sc 2371 and also to discourage the borrowers to postpone the repayment of their dues and also enable the secured creditor to speedily recover their debts, if required, by enforcement of security or other measures specified in sub-section (4) of section 13 of the act, it had become necessary to amend the provisions of the act. .....

Solaris System Pvt. Ltd. Vs. Oriental Bank of Commerce

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 .....

PNL Depositors' Welfare Association, Registered No. 94/2005, rep. by S ...

Court : Chennai

Reported in : 2005(4)CTC469; [2005]64SCL115(Mad)

..... having heard the learned counsel for the petitioner as well as for the respondents herein, in order to appreciate the submissions made, it would be worthwhile to 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). ..... sashidharan, learned government pleader (pondicherry), fairly points out that under the pondicherry protection of interests of depositors in financial establishments act 2004, there are enough powers for securing a decree as against the first respondent and recover the same by invoking the provisions of the pondicherry revenue recovery act, 1970. ..... along with section 41 of sarfaesi act, here again, it can only be said that the very purport of introducing those provisos and thereby excluding the operation of section 15(1) of the sica act in respect of a secured asset as against which action is taken under section 13(4) of the act, it will have to be held that the parliament itself thought it fit to grant such an exclusion in order to ensure that the operation of section 13(4), does not meet with any hurdles so as enable the secured creditor to resort to speedy measures for the recovery of a secured debt. .....

D.Prakasam, S/O.Viswanatham and Two OThe Vs. the Chief Manager, Allaha ...

Court : Andhra Pradesh

..... (emphasis supplied) after the decision of the supreme court by the enforcement of security interest and recovery of debts laws (amendment) act, 2004, the parliament inserted sub-section (3a) to section 13. ..... 1) alt 32.order: (per the hon'ble sri justice v.v.s.rao) a short question prone to recur often, arises for consideration in this writ petition filed against the demand notice dated 21.11.2011 issued under section 13(2) of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereafter, the sarfaesi act or the act), by the authorised officer (chief manager) of allahabad bank, hyderabad (hereafter the bank). ..... enforcement of security interest - (1) notwithstanding anything contained in section 69 or section 69a of the transfer of property act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor in accordance with the provisions of this act. ..... (3) the notice referred to in sub-section (2) shall give details of the amount payable by the borrower and the secured assets intended to be enforced by the secured creditor in the event of non-payment of secured debts by the borrower. .....

D.Prakasam, So.Viswanatham and Two OThe Vs. the Chief Manager, Allahab ...

Court : Andhra Pradesh

..... after the decision of the supreme court by the enforcement of security interest and recovery of debts laws (amendment) act, 2004, the parliament inserted sub-section (3a) to section 13. ..... a short question prone to recur often, arises for consideration in this writ petition filed against the demand notice dated 21.11.2011 issued under section 13(2) of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereafter, the sarfaesi act or the act), by the authorised officer (chief manager) of allahabad bank, hyderabad (hereafter the bank). ..... enforcement of security interest - (1) notwithstanding anything contained in section 69 or section 69a of the transfer of property act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor in accordance with the provisions of this act. ..... (3) the notice referred to in sub-section (2) shall give details of the amount payable by the borrower and the secured assets intended to be enforced by the secured creditor in the event of non-payment of secured debts by the borrower. .....

Salem Textiles Limited Vs. Authorized Officer of Phoenix Arc Private L ...

Court : Chennai

..... enforcement of security interest and recovery of debts laws (amendment) act, 2004, under the 2 pre-existing provisos of section 424-a(1) of the companies act, 1956, read as follows:- "provided also that in case any reference had been made before the tribunal and a scheme for revival and rehabilitation submitted before the commencement of the enforcement of security interest and recovery of debts laws (amendment) act, 2004, such reference shall abate if the secured creditors representing three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the securitisation and ..... reconstruction of financial assets and enforcement of security interest act, 2002 (54) of 2002): provided also that no reference shall be made under this .....