Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 35 -- Overriding effect - Expression `any other law for the time being in force' as appearing in S.35 of SARFAESI Act cannot mean to extend to each and every law enacted by Central and State legislatures - It can only extend to the laws operating in the same field..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(9), 9, Companies Act, 1956, Section 529, 529A -- Sale of secured assets by secured creditor - Power of Company Court - SARFAESI Act is a complete code in itself - Required provisions of Companies Act have been incorporated in SARFAESI Act for harmonizing both..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13 -- SARFAESI Act is a complete code in itself and there is no lacuna and ambiguity - Therefore, it overrides the effect of other laws, including the Companies Act...........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 18(2), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Section 20(3) -- Appeal - Condonation of delay - Power of Appellate Tribunal - Delay in filing an appeal u/s 18(1) of Act can be condoned by Appellate Tribunal u/s 20(3) of RDB Act R/W..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 18(2), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Section 20(3) -- Appeal - Condonation of delay - Period of limitation for filing appeal u/s 18 of SARFAESI Act is 30 days as against 45 days u/s 20 of RDB Act - However, there is no express..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 18(2), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Section 20(3), Limitation Act, 1963, Section 29(2) -- Appeal - Condonation of delay - S.29(2) of Limitation Act has no absolute application to SARFAESI Act as it impliedly excludes..........
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 18(2), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Section 20(3), Limitation Act, 1963, Section 29(2) -- Appeal - Condonation of delay - Question as to whether Appellate Tribunal under SARFAESI Act was a Court for the purposes of S.29(2) of..........
Criminal Procedure Code, 1973, Section 156(3), Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13 -- Investigation - When a borrower of financial institution covered under the SARFAESI Act, invokes the jurisdiction u/s 156(3) Cr.P.C. and also there is a separate procedure under the Recovery of Debts due to Banks..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13, Security Interest Enforcement Rules, 2002, Rule 8(5), 8(6), 9(2) - - Sale of secured assets - Held, proceedings under SARFAESI Act, 2002 against borrowers are initiated only when borrower is in dire-straits - Banks and financial institution to ensure that such..........
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13, Security Interest Enforcement Rules, 2002, Rule 8(5), 8(6), 9(2) - - Sale of secured assets - No terms settled in writing between parties that sale can be effected by private treaty - Borrowers not even called to joint meeting - Sale effected without complying..........
