0 comments on “Sec. 238 of the IBC will prevail over any of the provisions of SARFAESI Act, 2002 if it is inconsistent with any of the provisions of the IBC-Encore Asset Reconstruction Company Pvt. Ltd. Vs. Ms. Charu Sandeep Desai & Ors.-NCLAT”

Sec. 238 of the IBC will prevail over any of the provisions of SARFAESI Act, 2002 if it is inconsistent with any of the provisions of the IBC-Encore Asset Reconstruction Company Pvt. Ltd. Vs. Ms. Charu Sandeep Desai & Ors.-NCLAT

Section 18 of the ‘I&B Code’ deals with ‘Duties of Interim Resolution Professional’. As per which, it is the duty of the ‘Interim Resolution Professional’ to take over the control and custody of any assets over which the ‘Corporate Debtor’ has ‘ownership rights’ as recorded in the balance sheet of the ‘Corporate Debtor’ which includes the assets that may or may not be in possession of the ‘Corporate Debtor. The term “assets” do not include the assets owned by a third party in possession of the ‘Corporate Debtor’It is the duty of the ‘Interim Resolution Professional’ to take control and custody of any asset over which the ‘Corporate Debtor’ has “ownership rights” as recorded in the balance sheet of the ‘Corporate Debtor’. Even if it is not in possession of the ‘Corporate Debtor’, a person who is in possession of the same is bound to hand over the same to the ‘Resolution Professional’, when title still vests with ‘Corporate Debtor’.

0 comments on “Chapter I- Preliminary- SARFAESI Act, 2002”

Chapter I- Preliminary- SARFAESI Act, 2002

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act, 2002) CHAPTER-I PRELIMINARY Section 1: Short title, extent and commencement: 1. (1) This Act may be called the Securitisation and Reconstruction of Financial Assets and…

0 comments on “Chapter II- Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions- SARFAESI Act, 2002”

Chapter II- Regulation of Securitisation and Reconstruction of Financial Assets of Banks and Financial Institutions- SARFAESI Act, 2002

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act, 2002) CHAPTER-II REGULATION OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS OF BANKS AND FINANCIAL INSTITUTIONS Section 3: Registration of securitisation companies or reconstruction companies: "3.…

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Chapter III- Enforcement of Security Interest-SARFAESI Act, 2002

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act, 2002) CHAPTER III ENFORCEMENT OF SECURITY INTEREST Section 13: Enforcement of security interest: "13. (1) Notwithstanding anything contained in section 69 or section 69A of…

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Chapter IV- Central Registry-SARFAESI Act, 2002

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act, 2002) CHAPTER IV CENTRAL REGISTRY Section 20: Central Registry: "20. (1) The Central Government may, by notification, set-up or cause to be set-up from such…

0 comments on “Chapter V- Offences and Penalties-SARFAESI Act, 2002”

Chapter V- Offences and Penalties-SARFAESI Act, 2002

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act, 2002) CHAPTER V OFFENCES AND PENALTIES Section 27: Penalties: "27. If a default is made— (a) in filing under section 23, the particulars of every…

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Chapter VI- Miscellaneous-SARFAESI Act, 2002

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act, 2002) CHAPTER VI MISCELLANEOUS Section 31: Provisions of this Act not to apply in certain cases: "31. The provisions of this Act shall not apply…

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