Delhi HC Allows Interim Reoccupation To Debtor of Property Securitized By Bank, Due To Nationwide Lockdown [Read Order]

Delhi High Court has allowed a family to reoccupy a floor of the property, which was securitised by IIFL Home Finance Limited under Section 14 of SARFAESI Act, due to the extraordinary circumstances caused by nationwide lockdown. While allowing the Petitioner one floor of the property, the Division Bench of Justice Rajiv Sahai Endlaw and Justice Manoj Kumar Ohri has clarified that they will not induct any other person into occupation of the said first floor and will not encroach upon...

Applicability Of SARFAESI Act To Co-operative Societies/Banks: SC Constitution Bench Begins Hearing

A Five Judge Constitution Bench headed by Justice Arun Mishra has commenced hearing on the question of applicability of The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 on Co-operative Societies/Banks.A three judge bench, referred this matter to constitution bench noticing the conflicting decisions in Greater Bombay Coop. Bank Ltd. vs. United Yarn Tex (P) Ltd. and others [(2007) 6 SCC 236] and the earlier pronouncements of this Court in...

Whatsapp Privacy, Independent ECI, Applicability Of SARFAESI To Co-Op Banks: SC Constitution Bench To Hear From Feb 25 [Read Notice]

The Constitution Bench headed by Justice Arun Mishra is set to consider the following four cases from 25th February 2020.The other judges in the bench are Justices Indira Banerjee, Vineet Saran, MR Shah and Aniruddha Bose.Whatsapp Privacy CaseKARMANYA SINGH SAREEN vs. UNION OF INDIA This is a special leave petition filed against Delhi High Court judgment in Whatsapp Privacy case. Karmanya Singh Sareen and Shreya Sethi had challenged the 2016 privacy policy of popular mobile application...

"These Petitions Should Actually Be Placed Before Union Finance Minister": Bombay HC Pulls Up Ministry For Its Failure To Provide Infra For DRTs [Read Order]

The Bombay High Court on Tuesday came down heavily upon the central government for failing to provide adequate infrastructure and manpower to the Debt Recovery Tribunals in the state of Maharashtra. The division bench comprising Chief Justice Pradeep Nandrajog and Justice Bharati Dangre noted that due to such debilitate infrastructure, disposal of cases had been affected severely, and cases were simply "meandering in the corridors of the Debt Recovery Tribunals.""The two Writ Petitions...

DRT Has No Power To Condone Delay In Filing Review Application Under RDB Act : SC [Read Judgment]

The Supreme Court has held that the Debts Recovery Tribunal has no power to condone the delay in filing application for review under the Recovery of Debts and Bankruptcy Act 1993(RDB Act)The Court held that the provisions of Limitation Act, including the provision to condone delay under Section 5 of it, apply only to original applications filed under Section 19 of the RDB Act and not to review applications.A bench comprising Justices R F Nariman and V Ramasubramanian held so in the case Standard...

SARFAESI: Only Expressly Created Statutory First Charges Under Central/State Laws Can Take Precedence Over Secured Creditors' Claim: SC [Read Judgment]

"It is not enough to merely provide for recovery of dues as arrears of land revenue."

Banks Cannot Recover From Customers The Amount Lost By Them Through Online Fraud : Kerala HC [Read Judgment]

The Court said that money lost by loan account holders through online fraud cannot be recovered by invoking powers under SARFAESI Act.

Breaking : Chief Judicial Magistrates Competent To Entertain Applications U/s 14 SARFAESI Act: SC [Read Judgment]

Section 14 , stricto sensu, cannot be construed as being inconsistent with the provisions of the Code of Criminal Procedure or vice­versa.

Karnataka HC Dismisses Vijaya Mallya's Review Petition Against Order Directing Deposit Of Rs 3101 Crores [Read Order]

Karnataka High Court has rejected a review petition filed by fugitive economic offender Vijay Mallya, challenging a coordinate bench order which in turn had upheld the order by Debt Recovery Appellate Tribunal (DRAT), asking Mallya to deposit a sum of Rs.3101 Crore, as a precondition for hearing his appeal against a Debt Recovery Tribunal (DRT) order. On January 19, 2018, the DRT had ordered the attachment of shares worth an estimated Rs 385.9 million in United Breweries, a company that Mallya...

Protection From SARFAESI Act Not Available To 'Tenant-In-Sufferance' : SC Clarifies Interplay Between SARFAESI And Tenancy Laws [Read Judgment]

"If any of the tenants claim that he is entitled to possession of a secured asset for a term of more than a year, it has to be supported by the execution of a registered instrument", Court held.

DRTs Not Barred From Deciding Jurisdictional Issues As 'Preliminary Issues', Says Gujarat HC [Read Judgment]

" However, such power should be exercised sparingly, only in cases where the question of the jurisdiction of the Debts Recovery Tribunal to decide the case is involved"

Corruption Is A Disease; Bombay HC Directs Registration Of FIR Against Ajit Pawar And Other Politicians In Co-operative Bank Scam [Read Judgment]

The Bombay High Court on Thursday directed the Economic Offences Wing to register a FIR against former Deputy Chief Minister of Maharashtra Ajit Pawar and other state politicians for their alleged involvement in the State Co-operative bank scam within 5 days. Division bench of Justice SC Dharmadhikari and Justice SK Shinde were hearing a PIL filed by one Surinder Mohan Arora alleging rampant corruption in the Co-operative bank sector, wherein public exchequers' money was looted by committing...