Search Results for "Section 13(4)"

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Supreme Court

Supreme Court Allows Appeal Against High Court Order Setting Aside Auction Sale Under SARFAESI Act — Auction Purchaser's Rights Upheld as Sale Was Completed and No Material Irregularity Found. The Court held that once a sale certificate is issued and full consideration paid, the sale cannot be set aside without impleading the auction purchaser and proving material irregularity or fraud under Section 13(4) of SARFAESI Act.

5 May 2023

The case involves an appeal against the judgment of the High Court of Judicature at Hyderabad for the State of Telangana and Andhra Pradesh, which set...

Supreme Court

Supreme Court Allows Bank's Appeal in SARFAESI Act Case, Restoring Interim Order for Sale of Mortgaged Property. The Court held that the interim order directing steps for sale without final orders was warranted to protect the secured creditor's rights under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, as the respondent had defaulted on credit facilities.

18 Apr 2023

The appeal arose from a dispute between Punjab & Sind Bank (appellant) and M/s Frontline Corporation Ltd. (respondent) concerning the sale of mortgage...

Supreme Court

Supreme Court Sets Aside High Court Orders in SARFAESI Act Recovery Case, Reiterates Limited Scope of Article 226 in Private Financial Disputes. The Court held that the High Court cannot entertain writ petitions challenging SARFAESI Act actions when an alternative remedy under Section 17 of the Act is available, and the interim arrangement by the Supreme Court did not confer jurisdiction to decide merits after DRT became functional.

17 Apr 2023

The case involves appeals by a lender bank against orders of the Kerala High Court that entertained writ petitions filed by borrowers (respondents) ch...

Supreme Court

Supreme Court Upholds Bank's Reauction and Deposit Forfeiture Under SARFAESI Act, 2002. Auction purchaser's failure to pay balance within stipulated time justified forfeiture, with liberty to pursue recovery through independent proceedings.

11 Apr 2023

The appeal arose from a dispute involving auction proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Secur...

Supreme Court

Supreme Court Allows Bank's Appeal in SARFAESI Auction Dispute — Extension of Time Not Binding Without Confirmation Letter. Forfeiture of Earnest Money Upheld Under Rule 9(5) of Security Interest (Enforcement) Rules, 2002.

10 Apr 2023

The Supreme Court allowed the appeal filed by the State Bank of India (the Bank) against the judgment of the Madras High Court. The dispute arose from...

Supreme Court

Supreme Court Allows Appeals in SARFAESI Auction Case, Reinstating DRT Order and Sale. High Court's Writ Jurisdiction Improper When Statutory Remedy Available; Auction Deposit Complied with Rules and Property Not Exempt as Agricultural Land Under Section 31(i) SARFAESI Act.

5 Jan 2023

The dispute arose from securitisation proceedings initiated by Indian Bank against M/s. Raus Constructions Private Ltd. after loan default. The bank c...

Supreme Court

Supreme Court Allows Secured Creditor's Appeal in Priority Dispute Between SARFAESI Act and MSMED Act. SARFAESI Act's Express Priority Provisions Under Section 26E Prevail Over MSMED Act's Recovery Mechanism, as No Conflict Exists and Priority Must Be Expressly Provided.

5 Jan 2023

The dispute arose from conflicting recovery claims under the SARFAESI Act and MSMED Act against a debtor, Mission Vivacare, which had defaulted on loa...

Supreme Court

Supreme Court Dismisses Tenant's Appeal in SARFAESI Act Case, Upholding High Court Order Setting Aside District Magistrate's Decision. District Magistrate's Role Under Section 14 is Limited to Assisting Secured Creditor in Taking Possession, Not Adjudicating Tenancy Disputes, and Tenant's Remedy Lies Under Section 17 Before Debt Recovery Tribunal.

26 Sep 2022

The dispute arose from proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SAR...

Supreme Court

Supreme Court Allows Bank's Appeal in SARFAESI Act Auction Forfeiture Case — Earnest Money Deposit Forfeiture Upheld as Compensation for Breach of Contract. The Court held that forfeiture of earnest money deposit by a secured creditor under the SARFAESI Act is not subject to proof of actual loss and is governed by the terms of the auction contract, not Sections 73 and 74 of the Indian Contract Act, 1872.

10 Aug 2022

The case involves two appeals by a nationalized bank (appellant) against a common judgment of the Madras High Court, which had allowed the writ petiti...

Supreme Court

Supreme Court Allows Secured Creditors' Appeals in SARFAESI Act Case on Appointment of Advocate as Commissioner. The Court held that a District Magistrate or Chief Metropolitan Magistrate can appoint an advocate to take possession of secured assets under Section 14(1A) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, as an advocate is considered an officer of the court subordinate to the Magistrate.

25 Feb 2022

The dispute centered on the interpretation of Section 14(1A) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security ...

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