Back
BRIJESH KUMAR, ARUN KUMAR, V. N. KHARE
Mardia Chemicals LTD. Etc. – Appellant
Versus
Union Of IndiaEtc. – Respondent
The legal document provided primarily discusses the validity and provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). However, it does not specify a particular monetary threshold or amount to which SARFAESI is applicable.
Generally, the SARFAESI Act applies to secured loans where the amount secured by the security interest exceeds a certain threshold, which is typically prescribed by the Reserve Bank of India or relevant authorities. The document emphasizes the enforcement provisions, the process, and the safeguards but does not specify a specific monetary limit or amount.
Therefore, based on the provided document, there is no explicit mention of a specific amount to which SARFAESI is applicable. It is understood that the applicability depends on the classification of the asset as a non-performing asset and the security interest created, rather than a fixed monetary figure detailed in this particular text.
Judgment
Brijesh Kumar, J.-Leave granted in Special Leave Petition (Civil) Nos. 5013/2003, 9658/2003, 11089/2003, 11267/2003, 11268/2003, 15566/2003, 17465/2003 and special leave petition @ CC 10728 and SLP(C) No. 6723/2003.
2. By means of the above noted bunch of cases some of those having been transferred to this court, the validity of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) (for short ‘the Act’) has been challenged. Some writ petitions were filed in different High Courts on promulgation of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Second Ordinance), 2002. However, the Act 54 of 2002 was enacted and enforced, vires of which is in question, more particularly, the provisions as contained in Sections 13, 15, 17 and 34 of the Act. Besides others, we may, for the sake of convenience, refer to the averments made and documents filed in Transferred Case Nos. 92-95 of 2002- M/s. Mardia Chemicals Ltd. Etc. Etc. Vs. Union of India & Ors. Etc. Etc.
3. It appears that a notice dated July 24, 2002 was issued to the petitioner - Mardia Chemicals Ltd. by the Industrial Dev
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
