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SARFAESI ACT
Bank auctioned pledged land after borrower defaulted but buyer took 2 years to pay 75% money; borrower cleared the dues, fought and won the case in SC to get his land backThe Supreme Court agreed with the Madras High Court's call to cancel the auction of Mr. Rama's family property. The bank was trying to sell...- Former Yes Bank CEO Rana Kapoor, Sudhir Valia booked in a fraud case by the Mumbai PoliceMumbai Police have filed a fresh FIR against former Yes Bank co-founder Rana Kapoor and investor Sudhir Valia for an alleged ₹1,000-crore f...
- Banks take backseat: Bombay High Court upholds PMLA supremacy in asset recoveryBanks in India face a significant ruling from the Bombay High Court. The court declared that anti-money laundering laws take precedence ove...
- Home loan default case: Why acting within 45 days can stop a bank auctionBanks can auction homes for home loan defaults. Borrowers facing this can approach the Debt Recovery Tribunal within 45 days of the bank's ...
- Missed home loan EMIs? Law gives you 105 days before bank can start auction of your houseHomeowners get a 105-day window before banks can auction their property for missed EMIs. This period follows the SARFAESI Act and RBI rules...
- SC sets aside Madras HC order, restores auction purchaser’s rights in loan recovery caseThe Supreme Court wants the Finance Ministry to check the SARFAESI Act. The court feels some rules are unclear. These unclear rules are cau...
- Banks may get power to auction ships in case of loan defaultsThe government is considering amending the SARFAESI Act, 2002, to allow banks to hold security interest in shipping vessels, removing speci...
- Delhi HC sets aside arbitrator order against Indiabulls in Shipra Mall dispute"Since a specific right is vested in a secured creditor to enforce a security interest, by issuance of a sale notice under Section 13 of th...
- Writ petition not maintainable against proceedings by banks, ARCs under SARFAESI Act: SCCourt opined that filing of writ petitions by the borrowers before the high court under Article 226 of the Constitution in the case was an ...
- Delhi HC asks Govt, Finance Ministry and RBI to consider parity between IBC and Sarfaesi ActAccording to the Sarfaesi Act, asset reconstruction companies that take over stressed assets from lenders cannot infuse equity into an inso...
- Provision of SARFAESI Act empowering DMs to attach secured assets of borrowers directory: SCSection 14 of the SARFAESI Act mandates District Magistrate to deliver possession of a secured asset within 30 days, extendable to an aggre...
- Co-Op banks come under Sarfaesi Act: Supreme CourtThe Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, allow banks and financ...
- Not many NBFCs may use Sarfaesi Act to recover loanMany NBFCs were unable to dispose of immovable property of defaulter borrowers fast enough even after filing the case under Sarfaesi and re...
- Change in Sarfaesi Act to give priority to secured creditorsSarfaesi Act was framed to identify and rectify the problem of non-performing assets.
- NCLT rejects insolvency proceedings by Leo Duct Engineers & ConsultantsThe move will help lenders Standard Chartered Bank and Canara Bank to recover their dues under the SARFAESI Act which provides for lenders ...
- Can Jammu and Kashmir residents not repay loans: SBISBI raised a critical question concerning the future of banking in J&K before the SC whether residents of the state could decline to repay ...
- Bring NBFCs under SARFAESI Act: StudyNon-banking finance companies should be brought under the ambit of the SARFAESI Act to enhance investor confidence and ensure robust growth.
- RBI asks NBFCs to register mortgages with Central RegistryThe central bank has asked them to register all mortgages created in their favour on or after 31st March 2011 to check the fraud related to...
- Finance ministry pushes banks to fast-track bad loan recoveryFinMin is pushing PSU banks to hasten recovery of bad loans to improve health, and has promised to fill vacancies at DRT.
- Amendments to SARFAESI Act to clear recovery processes: BA Prabhakar, Bank of IndiaIn an interview with ET Now, BA Prabhakar, ED, Bank of India, gives his views on the amendments made in the SARFAESI Act.
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