{"id":192484,"date":"2018-02-26T16:05:11","date_gmt":"2018-02-26T10:35:11","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=192484"},"modified":"2018-03-09T13:40:57","modified_gmt":"2018-03-09T08:10:57","slug":"application-s-171-sarfaesi-act-maintainable-actual-possession-taken-secured-creditor","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/26\/application-s-171-sarfaesi-act-maintainable-actual-possession-taken-secured-creditor\/","title":{"rendered":"Application under S. 17(1) SARFAESI Act is maintainable only after actual possession is taken by secured creditor"},"content":{"rendered":"

Allahabad High Court:<\/strong> A Full Bench comprising of Dilip B. Bhosale, CJ, and Devendra Kumar Arora and Vivek Chaudhary, JJ., sat to decide a reference by the learned Single Judge, wherein it was inter alia held that the remedy of an application under Section 17(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 is available only after the measures under Section 13(4) have been taken by the Bank\/Financial Institutions against the borrower.<\/p>\n

The reference arose in light of divergent opinions expressed by two Division Benches of the Court on the question whether the proceedings before the Debts Recovery Tribunal under Section 17 of the Act would be maintainable before the actual possession of the assets of the defaulting borrower is taken.<\/p>\n

In order to settle the controversy, the High Court perused the two decisions\u00a0concerned of the Division Bench and also other various decisions of the Supreme Court. After a detailed consideration of all decisions referred to and various provisions of the SARFAESI Act, the Court culled out the upshot of legal position regarding the question concerned; which inter alia stated as follows:<\/p>\n

\u00b7 A remedy of an application under Section 17(1) is available only after the measures under Section 13(4) have been taken by the Bank\/FIs against the borrower.<\/p>\n

\u00b7 No recourse to an application under Section 17 (1) is available at the stage of issue of notice under Section 13(2).<\/p>\n

\u00b7 The borrower against whom measures under Section 13(4) are likely to be taken, has a right to know as to why his objections have not been accepted.<\/p>\n

\u00b7 The Bank\/FIs have been conferred with powers to take physical (actual) possession of the secured assets without interference of the Court and the only remedy open to the borrower is to approach DRT challenging such an action\/measure and seeking appropriate relief.<\/p>\n

\u00b7 The borrower is not entitled to challenge the reasons communicated or likely measure, to be taken by the secured creditor under Section 13(4) of the Act, unless his right to approach DRT, as provided for under Section 17(1), matures.<\/p>\n

\u00b7 If Debts Recovery Tribunal (DRT), after examining the facts and circumstances of the case and on the basis of evidence produced by the parties, comes to the conclusion that any of the measures referred to in Section 13(4), taken by the secured creditor is not in accordance with the provisions of the Act, it may by order declare that the recourse taken to any one or more measures is invalid and restore possession to the borrower.<\/p>\n

\u00b7 No remedy under Section 17(1) can be taken by the borrower unless he loses actual (physical) possession of the secured assets. In other words, before losing actual possession or unless the secured creditor obtains physical possession of the secured asset under Section 13(4), it is not open to the borrower to take a remedy under Section 17(1) of the Act.<\/p>\n

In the instant case, the bank\u00a0concerned issued a notice for taking possession of the properties of the defaulting petitioner; and in such notice it was clearly mentioned that a \u2018symbolic possession\u2019 of the immovable properties of the petitioner was taken. The High Court was of the opinion that \u2018symbolic possession\u2019 could not be equated with \u2018actual possession\u2019; it only means constructive\/paper possession. Taking symbolic possession could not be treated as a measure taken under Section 13(4) of the Act, and therefore, the borrower-petitioner could not file an application under Section 17(1) at that stage. It was held that the judgment of the Division Bench in Sushila Steels<\/em> v. Union Bank of India<\/em>, 2014 SCC OnLine All 15639<\/a> laid down the correct law; whereas the judgment in Aum Jewels<\/em> v. Vijaya Bank<\/em> (Writ-C No. 13476 of 2017, decided on 30.3.2017) did not enunciate the correct law. The reference was disposed of accordingly. [NCML Industries Ltd. v. Debts Recovery Tribunal,\u00a0 2018 SCC OnLine All 176<\/a>, dated 06-02-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

Allahabad High Court: A Full Bench comprising of Dilip B. 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Abdul Nazeer and Krishna Murari, JJ., addressed a pertinent issue of whether the rent act would come to the aid of a \u201ctenant in sufferance\u201d. 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Gupta\u2020 and Arihant Samdaria\u2020\u2020 Cite as: 2021 SCC OnLine Blog Exp 55","rel":"","context":"In "Experts Corner"","block_context":{"text":"Experts Corner","link":"https:\/\/www.scconline.com\/blog\/post\/category\/experts_corner\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/WhatsApp-Image-2021-07-06-at-3.51.50-PM.jpeg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/WhatsApp-Image-2021-07-06-at-3.51.50-PM.jpeg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/WhatsApp-Image-2021-07-06-at-3.51.50-PM.jpeg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/WhatsApp-Image-2021-07-06-at-3.51.50-PM.jpeg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/WhatsApp-Image-2021-07-06-at-3.51.50-PM.jpeg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281208,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/07\/borrower-50-percent-pre-deposit-debt-due-includes-interest-sarfaesi-act-section-18-supreme-court-legal-research-updates-news-law\/","url_meta":{"origin":192484,"position":4},"title":"Borrower to pre-deposit 50% of the \u201cdebt due\u201d including ‘interest’ under Section 18 of SARFAESI Act: Supreme Court","author":"Prachi Bhardwaj","date":"January 7, 2023","format":false,"excerpt":"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 \u201cdebt due\u201d, the amount deposited by\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/01\/Borrower-to-pre-deposit-50-of-the-debt-due-including-interest-under-Section-18-of-SARFAESI-Act.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":236755,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/05\/jhar-hc%e2%94%82-loan-by-financial-institutions-is-in-the-nature-of-public-money-writ-petition-not-maintainable-as-alternative-remedy-available-under-s-17-of-sarfaesi-act-if-aggrie\/","url_meta":{"origin":192484,"position":5},"title":"Jhar HC | Loan by financial institutions is in the nature of \u2018public money\u2019; Writ Petition not maintainable as alternative remedy available under S. 17 of SARFAESI Act if aggrieved due to action taken by \u2018State\u2019 under S. 13\/14 of the Act","author":"Editor","date":"October 5, 2020","format":false,"excerpt":"Jharkhand High Court: Rajesh Shankar, J. dismissed the petition on grounds of non-maintainability. The facts of the case are such that the petitioner took a loan to the tune of Rs 4, 25,000 from the respondent bank namely Allahabad Bank. Due to default in payment of money, a notice was\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/192484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=192484"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/192484\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=192484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=192484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=192484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}