SECTION 13 9 OF SARFAESI ACT PDF >> READ ONLINE
Explanation.—For the purpose of this sub-section, the registration records includes records of registration under the Companies Act, 2013, the Registration Act, 1908, the Merchant Shipping Act, 1958, the Motor Vehicles Act, 1988, the Patents Act, 1970, the Designs Act, 2000 or other such records under any other law for the time being in force. Courts have dealt with the issue of limitation to approach the Debt Recovery Tribunal under section 17 of SARFAESI Act, 2002 and according me, it is the wonderful interpretation by Courts in giving the borrower a right to challenge the Bank's action on all measures pursuant to section 13 (4) of the Act. (2) For the purpose of securing compliance with the provisions of sub- section (1), the Chief Metropolitan Magistrate or the District Magistrate may take or cause to be taken such steps and use, or cause to be used, such force, as may, in his opinion, be necessary. Section 13 of SARFAESI overrides Section 68 and 69 of the Transfer of Property Act, 1882 ("the Act, 1882") but not all its provisions in relation to the rights of the lessee, under a valid lease agreement, which is created prior to the receipt of notice, under Section 13(2), by the borrower Security Interest Act, 2002 Section 3 (1) (b) - Requirement of Net Owned Fund - (NOF) for Asset Reconstruction Companies. A reference is invited paragraph 9 of to the Bank's Monetary Policy Statement on "the SARFAESI Act, 2002"). It is the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 : - Basic Meaning Section - 13 Enforcement of Security Interest ( It Already ask also 7 SARFAESI ACT - Introduction 6 8 Legal interception & Operation 7 9 How to take cases 8 10 Back Office Procedures 9 11 Procedures For Possessions 10 12 Procedures After Possession Stage 11 13 Demand Notice - Borrower Format - Annexure -3 12 14 Demand Notice - Borrower Format - Annexure -3 13 15 Demand Notice - Borrower Format - Annexure -3 14 Securitisation (SARFAESI Act, 2002) The Securities and Reconstruction of Financial assets and enforcement of Security Interest Act, 2002 Securitisation is a method of raising funds by way of selling receivables for money. The Securitisation process Obligor (s) Ancillary Service Providers Interest & Credit Enhancement, Liquidity Support, What is SARFAESI Act 2002? by. tojo jose - July 14, 2017. SARFAESI Act 2002. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is a legislation that helps financial institutions to ensure asset quality in multiple ways. This means The submission made by the learned Counsel for the respondents that Section 14 cannot be read in isolation and has to be viewed in the context of all other provisions of the Act, such as Sections 13(4)(6)(8), 15, 17, 18 Rule 8(9) of SARFAESI Rules and Section 55 of the Transfer of Property Act is acceptable. Since the compliance of section 13 (2), 13 (4) and Rule 8 are mandatory for the secured creditor to implement them, any order of the District Magistrate / Chief Metropolitan Magistrate without reference to the compliance of the aforesaid sections of SARFAESI Act, it must be presumed that no materials are placed before the District Magistrate Since the compliance of section 13 (2), 13 (4) and Rule 8 are mandatory for the secured creditor to implement them, any order of the District Magistrate / Chief Metropolitan Magistrate without reference to the compliance of the aforesaid sections of SARFAESI Act, it must be presumed that no materials are placed before the District Magistrate workmen dues with the liquidator in terms of second proviso to section 13(9) of the SARFAESI Act. d. In a criminal proceeding the suit is launched by the state against the defendant whereas the SARFAESI Act empower the secured lenders to enforce security interests by non-judicial means, the proceedings of the two are completely different The submission made by the learned Counsel for the respondents that Section 14 cannot be read in isolation and has to be viewed in the context of all other provisions of the Act, such as Sections 13(4)(6)(8), 15, 17, 18 Rule 8(9) of SARFAESI Rules and Section 55 of the Transfer of Property Act is acceptable. These exceptions and a few more are detailed out in Section 31 of SARFAESI ACT. * Limitation (section 36)-- No secured creditor shall be entitled to take all or any of the measures under sub-section (4) of Section 13, unless his claim in respect of the financial asset is made within the period of limitation prescribed under the Limitation Act
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