Banking
“Whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 prevails over the Sick Industrial Companies (Special Provisions) Act, 1985 – Sick Industrial Companies (Special Provisions) Act, 1985 (SICA)
“Whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 prevails over the Sick Industrial...
Read more
Employees Provident Fund and Miscellaneous Provisions Act, 1952 (19 of 1952) Section 11(2) – Povident Fund Commissioner who would have first charge
In that case, the issue was whether the Bank would have first charge over the assets of a company to...
Read more
Section 31 B of the RDB Act being a substantive provision giving priority to the “secured creditors”, the same will be applicable irrespective of the procedure through which the recovery is sought to be made (Gujarat Value Added Tax 2003)
While it is true that the Bank has taken over the possession of the assets of the defaulter under the...
Read more
Enforcement of Security Interest and Recovery of Debts and Loans and Miscellaneous Provision (Amendment) Act, 2016 came into force w.e.f. 01.09.2016 has an overriding effect over all other enactments including the provisions the provisions of MP VAT Act, Central Sales Tax Act, Entry Tax Act and any other Tax Act. (MP VAT Act, 2002, Section 33)
" In our considered opinion, the Enforcement of Security Interest and Recovery of Debts and Loans and Miscellaneous Provision (Amendment)...
Read more
Amendment made by Parliament is to give priority to the secured creditors vis a vis State dues without speaking about the first charge (Rajasthan VAT Act, Section 47)
Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B - Rajasthan VAT Act, Section 47 "We are...
Read more
If any Central Statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the Value Added Tax of the State .
Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B - Securitisation and Reconstruction of Financial Assets and...
Read more
If any Central statute creates priority of a charge in favour of a secured creditor, the same will rank above the charge in favour of a State for a tax due under the value added tax of the State (Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37)
Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B - Securitisation and Reconstruction of Financial Assets and...
Read more
Priority of debt – Whether secured creditor or state taxes will get priority (Maharashtra Value Added Tax Act, 2002 (MVAT Act), Section 37)
SARFAESI Act, Section 26-D, 26-E Recovery of Debts and Bankruptcy Act , 1993 (RDB Act), Section 31-B - Priority of...
Read more
Sarfaesi 26E – Central Bank of India v. State of Kerala [2009] 4 SCC 94, (distinguished).
Wherein the Supreme Court took the view that if the State Act creates first charge on the property, then secured...
Read more
Mortgage was not registered under Section 26-D of the SARFAESI Act – Affect
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), Section 26-D, 26-E - Section...
Read more
Sarfaesi S. 13(2) – notice not issued to LRs
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(2), 14 - Bank had not issued...
Read more
Sarfaesi, S. 14, 17 – Alternative remedy
Constitution of India - Article 226/227 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 -...
Read moreKANAIYALAL LALCHAND SACHDEV v. STATE OF MAHARASHTRA – 2011 SCeJ 005
Download / Print 2011 SCeJ 005 SUPREME COURT OF INDIA Before, Justice H. L. Dattu, and Justice D. K. Jain,...
Read more
IBC – Is 90 day period under CIRP Regulation 12(2) for filing claim directory
Whether the 90 day period under CIRP Regulation 12(2) a mandatory timeline for filing claim which had to be adhered...
Read more
IBC – Application of the force majeure clause would require an incisive judicial enquiry not possible in a summary proceeding
Detailed appraisal of the terms and conditions of the lease and their ramifications including application of the force majeure clause...
Read more
