2015

Whether a Company Court, directly or through an Official Liquidator, can wield any control in respect of sale of a secured asset by a secured creditor in exercise of powers available to such creditor under the SARFAESI Act, 2002 – Pegasus Assets Reconstruction P. Ltd. Vs. M/s. Haryana Concast Ltd. & Anr. – Supreme Court

A common issue of law is that whether a Company Court, directly or through an Official Liquidator, can wield any control in respect of sale of a secured asset by a secured creditor in exercise of powers available to such creditor under the SARFAESI Act, arises in all these matters which have been heard together and shall be governed by this common judgment. Hon’ble Supreme Court held that clear intention of the Parliament expressed in Section 13 of the SARFAESI Act that a secured creditor has the right to enforce its security interest without the intervention of the court or tribunal. At the same time, this Act takes care that in case of grievance, the borrower, which in the case of a company under liquidation would mean the liquidator, will have the right of seeking redressal under Sections 17 and 18 of the SARFAESI Act.

Whether a Company Court, directly or through an Official Liquidator, can wield any control in respect of sale of a secured asset by a secured creditor in exercise of powers available to such creditor under the SARFAESI Act, 2002 – Pegasus Assets Reconstruction P. Ltd. Vs. M/s. Haryana Concast Ltd. & Anr. – Supreme Court Read Post »

DRT whilst deciding whether it has territorial jurisdiction to entertain a Securitisation Application filed under section 17 of the SARFAESI Act would be guided by the principles enshrined in section 19(1) of the RDB Act, 1993 and not by section 16 of the Code of Civil Procedure, 1908 – GSL (India) Ltd. Vs. Asset Reconstruction Co. (India) Ltd. and others – Bombay High Court

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DRT whilst deciding whether it has territorial jurisdiction to entertain a Securitisation Application filed under section 17 of the SARFAESI Act would be guided by the principles enshrined in section 19(1) of the RDB Act, 1993 and not by section 16 of the Code of Civil Procedure, 1908 – GSL (India) Ltd. Vs. Asset Reconstruction Co. (India) Ltd. and others – Bombay High Court Read Post »

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