Search Results for "Securitization Act"

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Search Results for "Securitization Act"

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High Court

Bombay High Court Directs State to Issue Circular for Expeditious Disposal of Section 14 Applications Under SARFAESI Act; District Magistrates Ordered to Clear Pending Matters Within Two Months. The Court Reiterated Limited Scope of Enquiry Under Section 14 and Mandated Strict Timelines to Prevent Frustration of Securitization Act's Purpose.

30 Aug 2011

The writ petition was filed by Housing Development Finance Corporation Limited (HDFC), a financial institution under the Securitization and Reconstruc...

High Court

Bombay High Court Examines Whether Assignee Bank Can Invoke SARFAESI Act for Debt Assigned by NBFC. The case involves interpretation of 'debt' and 'secured creditor' under SARFAESI Act, 2002 and RDDBFI Act, 1993, and the effect of assignment from a non-banking financial company to a bank.

16 Jul 2015

The petitioner, a banking company, sought to enforce security interest under the SARFAESI Act after acquiring a debt and underlying security from a no...

Supreme Court

Supreme Court Interprets Pre-Deposit Requirement Under Section 18 of SARFAESI Act in Appeals by Borrowers and Secured Creditors. The court held that pre-deposit is mandatory, computed based on the amount claimed in the notice under Section 13(2), excluding future interest, with adjustments for recoveries after filing the petition under Section 17.

23 Apr 2025

The Supreme Court of India, in a group of appeals, addressed the interpretation of Section 18 of the Securitisation and Reconstruction of Financial As...

High Court

Bombay High Court Quashes Demand Against Mutual Fund Under Section 177(3) of Income Tax Act — Holds That Beneficiaries of Securitization Trust Are Not Liable for Trust's Tax Demand. Section 177(3) of Income Tax Act, 1961 does not impose joint and several liability on beneficiaries of a securitization trust for the trust's tax dues when the trust is assessed as a separate entity and the beneficiary holds only pass-through certificates.

6 Mar 2013

The petitioner, UTI Mutual Fund, is a registered mutual fund under SEBI regulations. It invested in a securitization trust called Indian Corporate Loa...

Supreme Court

Supreme Court Dismisses Guarantors' Appeals in SARFAESI Act Enforcement Case, Upholding Sale of Mortgaged Properties. The Court held that multiple litigations by guarantors constitute abuse of process and cannot defeat the expeditious recovery mechanism under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

23 Sep 2021

The Supreme Court of India dealt with civil appeals arising from special leave petitions challenging a common judgment of the Madras High Court. The d...

High Court

Bombay High Court Upholds Public Interest Petition and Directs Expeditious Disposal of Section 14 SARFAESI Applications by Magistrates. Section 14 Powers Are Ministerial and No Notice to Borrower Is Required, Emphasizing Need to Recover Public Money Quickly.

20 Aug 2011

The matter originated as a Criminal Writ Petition filed by International Asset Reconstruction Company Private Limited, an asset reconstruction company...

High Court

Bombay High Court Quashes Order of Sub Divisional Magistrate Under Section 14 of SARFAESI Act Due to Excess of Jurisdiction. The Court Holds That the District Magistrate's Role Is Limited to Verifying Territorial Jurisdiction and Service of Section 13(2) Notice, and Any Grievances Must Be Raised Under Section 17 Before DRT.

30 Aug 2011

The petitioner, an Asset Reconstruction Company registered under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcemen...

High Court

Bombay High Court Quashes Sales Tax Attachment Over Bank's Secured Assets Under SARFAESI Act — Priority of Secured Creditor Upheld. Section 26E of SARFAESI Act gives priority to secured creditors over crown debts, and attachment by sales tax authorities cannot defeat the bank's security interest.

22 Jan 2024

The petitioner, Union Bank of India, filed a writ petition under Article 226 of the Constitution of India seeking to quash an attachment order dated 2...

High Court

Bombay High Court Dismisses Writ Petition Challenging Possession Notice Under SARFAESI Act — Guarantor's Challenge to Assignment of Debt and Validity of Notice Rejected. Assignment of debt by Bank of Baroda to securitisation company held valid under Section 5 of SARFAESI Act, and possession notice served by registered post complied with Rule 8(1) of Security Interest (Enforcement) Rules, 2002.

16 Aug 2012

The petitioner, Tushar P. Shah, a director and guarantor of respondent no. 2 (M/s. Air Coils Manufacturing Co. Pvt. Ltd.), filed a writ petition chall...

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...

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