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IN THE HIGH COURT OF MADHYA PRADESH AT JABALPUR
SANJEEV SACHDEVA, VINAY SARAF
Edelseiss Asset Reconstruction Company Limited – Appellant
Versus
State of Madhya Pradesh – Respondent
ORDER :
1. Learned counsel for respondent No.4 also appears for legal heir of deceased/respondent No.6, since respondent No.6 was the wife of respondent No.4.
2. Petitioner impugns order dated 06.05.2024 whereby the application filed by the petitioner under Section 14 of the SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT , 2002 (hereinafter referred to as ‘SARFAESI Act') has been dismissed on the ground that no notice of demand under Section 13(2) of the SARFAESI Act was issued by the petitioner prior to filing an application under Section 14 of the SARFAESI Act.
3. We notice that the borrower had taken the subject loan from AU Small Finance Bank Limited and loan was secured by inter alia the subject asset. The account of borrower was declared Non-Performing Asset, and accordingly, a notice of demand dated 25.11.2019 was issued by M/S AU Small Finance Bank Ltd under section 13(2) of the SARFESI Act. Thereafter, there was an assignment of the debt by AU Small Finance Bank Ltd. to the petitioner - Edelweiss Asset Reconstruction Company Ltd. by way of an assignment agreement dated 22.12.2022. Petitioner thereafter filed an application u
An assignee under SARFAESI Act can rely on prior notices issued by the assignor, without needing to reissue such notices, to maintain legal proceedings.
The main legal point established in the judgment is the proper application of Section 14 of the SARFAESI Act, including the requirements for the application, consideration of borrower's representatio....
The SARFAESI Act provides a specific framework for securitization and enforcement of security interest, and parties must adhere to its provisions. The jurisdiction of the Debts Recovery Tribunal and ....
A deemed lender under the SARFAESI Act can invoke rights without reissuing a demand notice if the previous lender had done so, even after settlement.
The proceedings initiated against the original borrower for enforcement of security interest stand concluded by virtue of intimation served upon them, and the death of the original borrower occurring....
The court enforced the statutory obligation under the SARFAESI Act, requiring timely action for the disposal of applications, emphasizing that such actions must be completed within 30 days to prevent....
Prematurity of the petition seeking to quash a notice issued under Section 13 (2) of the SARFAESI Act.
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