Judgment Search Results Home > Cases Phrase: securitisation and reconstruction of financial assets and enforcement of security interest act 2002 section 4 cancellation of certificate of registration Page 1 of about 106 results (0.207 seconds)

Tata Metaliks Limited, a Company Incorporated Under the Companies Act, ...

Court : Mumbai

Reported in : 2008(4)BomCR853; 2008(126)ECC183; 2008(152)LC183(Bombay); 2009(234)ELT596(Bom)

..... development bank of india (idbi) one of the banks issued notice under section 13(2) of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (for short 'sarfaesi act') on july 24, 2002 for the sum of rs. ..... in such cases, there would be no question of cancelling the certificate of registration.what relief can be granted in this case will be answered after considering the reliefs in writ ..... (184)elt13(bom) to contend that if there be an earlier holder of the registration certificate who has not paid the outstanding excise duties and fails to surrender registration certificate with respect to the same factory premises, no other unit in the same premises can be registered under the rules unless earlier registration is deregistered or cancelled or surrendered by such registrant and all excise dues are cleared. ..... on these facts, that the learned bench of this court was pleased to hold that if one person is having more than one premises, considering the language of the rule and the notification, then he must obtain separate registration certificate for each premises and as such the registration is always in respect of 'particular premises' and not with respect to a particular person. ..... registered person, who ceases to carry on the operation for which he is registered, shall de-register himself by making a declaration in the form specified in annexure iii and depositing his registration certificate with the superintendent of central excise. .....

Indiabulls Housing Finance Ltd. Vs. M/S Deccan Chronicle Holdings Ltd

Court : Supreme Court of India

..... appellant against the contesting respondents under the provisions of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter referred to as the sarfaesi act ) for recovery of the loan amounts, along with interest, which are payable by the contesting respondents to the appellant.2) the high court has accepted the challenge laid by the contesting respondents holding that: (a) loan agreements contained arbitration clauses which were invoked by the appellant with the filing of cases under section 9 of the arbitration and conciliation act, 1996. ..... the appellant was granted a registration certificate dated december 28, 2005 to commence the business of housing finance institution. ..... however, the said auction could not fructify as, according to the appellant, some miscreants belonging to the contesting respondents came on the spot and threatened the intending purchasers and even tried to beat the representatives of the respondents and, therefore, the auction civil appeal no.18 of 2018 page 7 of 42 had to be cancelled. ..... it was argued that the provisions of sarfaesi act, cannot be held to be purely procedural, they create substantial right in favour of the secured creditor for recovery of its dues by way of enforcement of security interest without invocation of the court. .....

Dayanath Pandey S/o Raghunath Pandey Vs. State of U.P. through It's Se ...

Court : Allahabad

Reported in : AIR2008All103; 2008(2)AWC1255; II(2008)BC634

..... has also taken similar plea that the petitioner did not repay the loan and committed default, therefore, recovery proceedings were initiated under securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter referred to as act).4. ..... however, this fact was not material in the present case because notice under section 13(2) of the act was issued on 9.7.2007 and same was served on the petitioner on 13.7.2007 and possession was taken on 10.9.2007, meaning thereby, possession was taken after sixty days of issuance ..... dated 13.9.2007 was sent to the petitioner under section 13(4) of the act read with rule 6(2) and rule 8(6) of the security interest (enforcement) rules, 2002 ( hereinafter referred to as the rules). ..... of sixty days given in the notice under section 13(2) of the act was to be counted from the date of notice and not from the date of service. ..... kumar, the purchaser of the house has also filed affidavit praying for cancellation of sale deed to avoid further complications. ..... the notice under section 13(4) of the act was dated 13.9.2007 and the house of the petitioner was put to auction on ..... made request only for refund of price of house, stamp duty and registration charges etc. ..... admittedly, the sale certificate was issued on 26.10.2007 and sale deed was executed on 5.11.2007 in favour of the ..... after giving notice under section 13(2) of the act, possession of house of the petitioner was taken by the bank on ..... 5020/ registration fee.(d .....

Transcore Vs. Union of India (Uoi) and anr.

Court : Supreme Court of India

Reported in : AIR2007SC712; 2007(1)ALD109(SC); I(2007)BC33(SC); [2007]135CompCas1(SC); (2007)1CompLJ1(SC); 2006(5)CTC753; 135(2006)DLT151(SC); (2007)1MLJ929(SC); 2006(12)SCALE585; (2008)

..... - the fee for filing of an appeal to the debts recovery appellate tribunal under sub-section (1) of section 18 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 shall be mutatis mutandis as provided for filing of an appeal to the debts recovery appellate tribunal under rule 8 of the debts recovery appellate tribunal (procedure) rules, 1994.it is interesting to note that the 2004 order came into force with effect from 6.4.2004. ..... therefore, rule 8 provides that till issuance of the sale certificate under rule 9, the authorized officer shall take such steps as he deems fit to preserve the secured asset. ..... however, rule 8(4) indicates that where possession is taken by the authorised officer before issuance of sale certificate under rule 9, the authorised officer shall take steps for preservation and protection of secured assets till they are sold or otherwise disposed of. ..... thus, rule 8 deals with the stage anterior to the issuance of sale certificate and delivery of possession under rule 9. ..... rule 9(6) states that on confirmation of sale, if the terms of payment are complied with, the authorised officer shall issue a sale certificate in favour of the purchaser in the form given in appendix v to the 2002 rules. ..... rule 9 relates to time of sale, issue of sale certificate and delivery of possession. ..... till the time of issuance of sale certificate, the authorised officer is like a court receiver under order xl rule 1 cpc. .....

National Polymers and Others Vs. Union of India and Others

Court : Mumbai

..... appellate tribunal was moved by the petitioners for an order of waiver under section 18 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002. ..... acting on these suggestions, the securitisation and reconstruction of financial assets and enforcement of security interest ordinance, 2002 was promulgated on the 21 june, 2002 to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith ..... securitisation act is an act to regulate securitisation and reconstruction of financial assets and enforcement of security interests ..... a secured asset under securitisation act is an asset in which interest is created by the borrower in favour of the bank / financial institution and on that basis alone the securitisation act seeks to enforce the security interest by ..... it is for this reason, that section 13(1) and 13(2) of the securitisation act proceed on the basis that security interest in the bank / financial institution needs to be enforced expeditiously without the intervention of the court / tribunal; that liability of the borrower has accrued and on account of default in repayment, the account of the borrower in the books of the bank has ..... union of india8 "basically, the securitisation act is enacted to enforce the interest in the financial assets which belong to the bank / financial institution by virtue of the contract between the parties or by operation of common law .....

R. Gopalakrishna S/O Late Sri N.S. Ramachandraiah Vs. the Karnataka St ...

Court : Karnataka

Reported in : AIR2008Kant77; ILR2008KAR2034; ILR2008(2)Kar2034; 2008(5)KLJ327; 2008(1)KCCR568; 2008(2)AIRKarR547; AIR2008Kar77; 2008AIHC2081(Kar)(DB)

..... withdrawal of the certificate issued earlier, which is the subject and basis for the present suit and since the respondents have initiated proceedings under securitisation and reconstruction of financial assets and enforcement of security interest act, the remedy of the appellant is to challenge the recovery proceedings before the debt recovery tribunal and in view of the provisions of section 17 of the securitisation and reconstruction of financial assets and enforcement of security interest act read with section 34 of the debt relief act, the present ..... securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, it is contended that now a new machinery has been provided by way of debt recovery tribunals in respect of the debt transactions or loan transactions and as this statute gives adequate machinery for the redressal of the persons like the plaintiff, it is to be held that the jurisdiction of the civil courts under section ..... drawing our attention to the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 and state financial corporation act, 1951, it is contended that as under these special statutes, the law has provided effective and efficacious remedy to the persons like plaintiff, they have to seek the remedy under those provisions of the act and not approach the civil courts of ..... unsuccessful plaintiff challenging the judgment and decree dated 21-04-2002 passed by the learned xvi addl .....

Jaibharat Synthetics Limited, a Public Limited Company Registered Unde ...

Court : Mumbai

Reported in : 2010(112)BomLR2199

..... tarapur, taluka palghar, district thane, without following the procedure laid down in section 13(2) of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter referred to as he act.3. ..... securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 {54 of 2002} was brought into force since 21-6-2002 with a view to regulate securitisation and recontruction of financial assets and to enforce security interests ..... 2006 punjab & haryana 107 to submit that a borrower or any person in possession of an immoveable property cannot be physically dispossessed at the time of issuing notice under section 13(4) of the act so as to defeat adjudication by the debts recovery tribunal and that physical possession cannot be taken by banks or financial institutions by following the procedure laid down under section 14 of the act, or after the sale is confirmed in terms of rule 9 of the security interest (enforcement) rules, 2002. ..... the submission that once a notice under section 13(2) of the act is issued, thereafter, for further steps to enforce the security interest under section 14 of the act, the principles of natural justice are not involved, as only a request for help is made to the chief metropolitan magistrate or the district magistrate concerned, as the case may be, to take possession of the secured assets or other documents and to forward such assets and/or documents to the secured creditor. .....

Punjab National Bank Industrial Finance Branch Represented by Its Agm ...

Court : Karnataka

Reported in : AIR2007Kant9; [2006]134CompCas456(Kar)

..... whether a simultaneous proceeding can be initiated by the bank under the recovery of debts due to banks and financial institutions act, 1983 (hereinafter referred to as the drt act) and the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter referred to as securitization act). ..... , such a policy decision cannot be faulted with nor it is a matter to be gone into by the courts to test the legitimacy of such a measure relating to financial policy.it provides that a secured creditor may enforce any security interest without intervention of the court or tribunal irrespective of section 69 or section 69-a of the transfer of property act where according to sub-section (2) of section 13, the borrower is a defaulter in repayment of the secured debt or any installment of repayment and further the debt standing against him has been classified as a non-performing asset by the secured creditor. ..... under clause (a) of sub-section (4) the secured creditor may take possession of the secured assets including the right to transfer the secured assets by way of lease, assignment or sale; may take over the management of the secured assets under clause (b) including right to transfer; under clause (c) of sub-section (4) a manager may be appointed to manage the secured assets which have been taken possession of by the secured creditor and may require any person who has acquired any secured assets from the borrower or from whom any money is due .....

Stan Commodities Pvt. Ltd. Through Its Managing Director, Pawan Kumar ...

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. ..... first proviso to section 19 of the said act, 1993 provides 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.11. ..... suddenly the petitioner was served with a notice dated 29.11.04 (annexure-8) from the respondents-bank purportedly sent under section 13(2) of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (hereinafter referred to as 'the said act, 2002'). .....

Indian Bank Vs. Commercial Tax Officer and ors.

Court : Chennai

Reported in : (2008)18VST562(Mad)

..... (ii) as there was enormous delay in recovery of the dues, even through drt, after the implementation of securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (for short, 'sarfaesi act'), bank issued a notice dated august 1, 2005 under section 13(2) of the said act to the second respondent, its guarantors/mortgagors for the recovery of rs. ..... the learned counsel for the third respondent has contended that after sale made under the sarfaesi act and when sale certificate was issued, the auction purchaser takes the property free of all encumbrances, known or unknown to the creditor. ..... the learned counsel for the third respondent-auction purchaser contended that encumbrance certificate was obtained on february 5, 2007 and march 16, 2007 and there was no encumbrance to show the attachment of the property by sales tax department and the bank as secured creditor has sold the property to the third respondent and the third respondent being a bona fide purchaser, not being aware of the attachment of the property cannot be penalised. ..... according to the third respondent, possession of the property was given to them on march 16, 2007 and sale certificate dated march 16, 2007 was also issued in its favour. ..... it is further averred that there were no encumbrances shown in the encumbrance certificate to show that the property was attached by the sales tax department. .....