2006

Whether the Crown’s debts, for which there is no priority or charge is created under the statute, should have precedence over the secured creditors? – UTI Bank Ltd. Vs. The Dy. Commissioner of Central Excise – Madras High Court

/ 40 minutes of reading

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Whether the Crown’s debts, for which there is no priority or charge is created under the statute, should have precedence over the secured creditors? – UTI Bank Ltd. Vs. The Dy. Commissioner of Central Excise – Madras High Court Read Post »

No leave of the Company Court is necessary under Section 446 of the Companies Act, 1956 for initiating or continuing the proceedings under the RDB Act, 1993 – Raghunath Rai Bareja and another Vs. Punjab National Bank and others – Supreme Court

/ 26 minutes of reading

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No leave of the Company Court is necessary under Section 446 of the Companies Act, 1956 for initiating or continuing the proceedings under the RDB Act, 1993 – Raghunath Rai Bareja and another Vs. Punjab National Bank and others – Supreme Court Read Post »

Landmark Judgment under SARFAESI Act 2002 and RDB Act, 1993 – M/s Transcore Vs. Union of India & Anr – Supreme Court

/ 94 minutes of reading

Three points arise for determination in these cases. They are as follows:

(i) Whether the banks or financial institutions having elected to seek their remedy in terms of DRT Act, 1993 can still invoke the NPA Act, 2002 for realizing the secured assets without withdrawing or abandoning the O.A. filed before the DRT under the DRT Act.

(ii) Whether recourse to take possession of the secured assets of the borrower in terms of Section 13(4) of the NPA Act comprehends the power to take actual possession of the immovable property.

(iii) Whether ad valorem court fee prescribed under Rule 7 of the DRT (Procedure) Rules, 1993 is payable on an application under Section 17(1) of the NPA Act in the absence of any rule framed under the said Act.

Landmark Judgment under SARFAESI Act 2002 and RDB Act, 1993 – M/s Transcore Vs. Union of India & Anr – Supreme Court Read Post »

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