Section 17 of the SARFAESI Act is a complete code providing remedies to any person aggrieved by the measures taken by the secured creditor under the provisions of Section 13 of the SARFAESI Act – Jayaprakash A Vs. Union Bank of India – Kerala High Court

Hon’ble High Court of Kerala holds that Section 17 of the SARFAESI Act is a complete code providing remedies to any person aggrieved by the measures taken by the secured creditor under the provisions of Section 13 of the SARFAESI Act. By virtue of Section 17 of the SARFAESI Act, the Tribunal is clothed with a wide range of powers to interfere with any illegality. The Tribunal has the power to consider whether the measures referred to in Section 13 resorted to by the secured creditors for the enforcement of the security interests are in accordance with the provisions of the Act and the Rules made thereunder. It has the power to restore management or reservation of the possession of the secured assets of the borrower or any person aggrieved. The Tribunal has the jurisdiction to examine the claims of the tenancy or leasehold rights upon the leasehold assets. As per Sub-section (5) of Section 17, the statute mandates that any application made under Sub-section (1) of Section 17 shall be disposed of within sixty days from the date of such application. Section 18 of the Act provides the provision for appeal by any person aggrieved by an order of the Debts Recovery Tribunal under Section 17.

Section 17 of the SARFAESI Act is a complete code providing remedies to any person aggrieved by the measures taken by the secured creditor under the provisions of Section 13 of the SARFAESI Act – Jayaprakash A Vs. Union Bank of India – Kerala High Court Read Post »