right of redemption Archives

Ownership of secured asset in a statutory sale under SARFAESI is transferred upon issuance of sale certificate: Bombay HC

“On losing merely the right of redemption, a borrower does not automatically lose ownership rights over the secured asset and that the ownership right is ultimately lost only upon issuance of sale certificate in accordance with Rule 9(6) of the SARFAESI Rules.”

Case Briefs Supreme Court

Supreme Court flags ‘interpretative deadlock’ between S. 13(8) of SARAFESI Act & Rr. 8/9 of SARFAESI Rules; Urges Finance Ministry to act in earnest

“The interpretative deadlock between the provision and the rules has single handedly resulted in a huge mess insofar as enforcement of security interest is concerned., giving birth to an endless pipeline of litigation clogging the specialized forums of the DRT and DRAT, that are expected to expeditiously decide matters of recovery of debt”.

Op Eds OP. ED.

Right of Redemption and the Amended Section 13(8), SARFAESI Act – Celir LLP v. Bafna Motors (Mumbai) (P) Ltd.: A case comment

by Srihari Saranathan†

Case Briefs Supreme Court

Section 13(8) of SARFAESI Act| Right of redemption of mortgage extinguishes on publication of auction notice: Supreme Court

The respondents in the instant matter constituted the borrower, guarantor and the bank (secured creditor), while the appellants were the auction purchasers.