secured assets Archives

SARFAESI Act recoveries with respect to the secured assets to prevail over the recoveries under the MSMED Act: Supreme Court

The Supreme Court considered the provisions of Section 15 to 23 read with Section 24 of the MSMED Act and the provisions of SARFAESI Act and stated that there is no repugnancy between the two enactments and no conflict between the specific subject of ‘priority' . It, hence, upheld the subsequent enactment of law with non-obstante clause in SARFAESI Act over MSMED Act.

Case Briefs Supreme Court

Borrower to pre-deposit 50% of the “debt due” including ‘interest’ under Section 18 of SARFAESI Act: Supreme Court

The Court was called upon to decide as to while calculating the amount to be deposited as predeposit under Section 18 of the SARFAESI Act, 50% of which amount the borrower is required to deposit as pre-deposit and whether while calculating the amount of “debt due”, the amount deposited by the auction purchaser on purchase of the secured assets is required to be adjusted and/or appropriated towards the amount of pre-deposit to be deposited by the borrower under Section 18 of the SARFAESI Act.

Case Briefs High Courts

Secured Creditor or Revenue Department- Who has priority over liquidation of their respective dues? Bombay HC frames and answers Seven substantial questions

Bombay High Court: The issue before the Court in the instant matter was that between a secured creditor (defined in

Case Briefs High Courts

Bombay High Court| S. 14 of SARFAESI Act empowers the Designated Authority only to assist secured creditors in taking possession of secured assets and nothing more

Bombay High Court: While deciding the instantwrit petition wherein the issue was regarding transgression of Additional District Magistrate’s jurisdiction under Section 14

Experts Corner Shardul Amarchand Mangaldas

Diligence by Purchaser Prior to Acquisition of Secured Assets under SARFAESI

by Bhoumick Vaidya† and Harshini Kotecha††

Cite as: 2021 SCC OnLine Blog Exp 77