Searching Case Laws & Precedent on Legal Query.....!
Analysing the retrieved Case Laws
Scanned Judgements…!
Searching Case Laws & Precedent on Legal Query.....!
Analysing the retrieved Case Laws
Scanned Judgements…!
Section 13(2) Notice and Proceedings - A notice under Section 13(2) must be issued by the secured creditor informing the borrower of default. Once issued, the borrower has 60 days to settle the dues; failure leads to subsequent proceedings. ["Cholamandalam Investment And Finance Company Ltd. Through Its Authorised Officer Ravi Sahu vs Indal Singh - Madhya Pradesh"], ["ARAVIND RAJ Versus STATE OF KERALA - 2024 Supreme(Online)(KER) 23870"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"], ["M/S DIAMOND ENTERTAINMENT TECHNOLOGIES PVT. LTD. & ORS. Vs RELIGARE FINVEST LIMITED THROUGH ITS AUTHORIZED OFFICER - Delhi"]
Filing Application under Section 14 - After the issuance of Section 13(2) notice and expiry of the 60-day period without full repayment, the secured creditor can file an application before the Magistrate under Section 14 to seek assistance in taking possession of the secured asset. The application is a procedural step, not an adjudicatory process. ["Cholamandalam Investment And Finance Company Ltd. Through Its Authorised Officer Ravi Sahu vs Indal Singh - Madhya Pradesh"], ["ARAVIND RAJ Versus STATE OF KERALA - 2024 Supreme(Online)(KER) 23870"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"], ["M/S DIAMOND ENTERTAINMENT TECHNOLOGIES PVT. LTD. & ORS. Vs RELIGARE FINVEST LIMITED THROUGH ITS AUTHORIZED OFFICER - Delhi"]
Timing and Validity of Application - The application under Section 14 can be filed after the prescribed period following the Section 13(2) notice, regardless of whether the physical possession has been taken or not. The law does not specify a mandatory waiting period after the notice before filing under Section 14. ["Cholamandalam Investment And Finance Company Ltd. Through Its Authorised Officer Ravi Sahu vs Indal Singh - Madhya Pradesh"], ["ARAVIND RAJ Versus STATE OF KERALA - 2024 Supreme(Online)(KER) 23870"]
Recent Case Law - Courts have held that the application under Section 14 is a ministerial step and can be filed after the Section 13(2) notice and the expiry of the statutory period. The issuance of a fresh notice under Section 13(4) is not always necessary before filing under Section 14, but the application must be supported by proof of prior notice and default. ["Cholamandalam Investment And Finance Company Ltd. Through Its Authorised Officer Ravi Sahu vs Indal Singh - Madhya Pradesh"], ["ARAVIND RAJ Versus STATE OF KERALA - 2024 Supreme(Online)(KER) 23870"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"]
Can a Section 14 Application Be Filed Now? - Yes. If the notice under Section 13(2) was sent on 12.10.2019, and the statutory period of 60 days has elapsed without full repayment, the secured creditor can file an application under Section 14 to seek assistance from the Magistrate for taking possession of the secured asset. The application can be filed even if possession has not yet been taken, provided the conditions are met. ["Cholamandalam Investment And Finance Company Ltd. Through Its Authorised Officer Ravi Sahu vs Indal Singh - Madhya Pradesh"], ["ARAVIND RAJ Versus STATE OF KERALA - 2024 Supreme(Online)(KER) 23870"], ["K. N. UNNIKRISHNA PILLAI vs THE MANAGER - Kerala"]
Based on the legal provisions and case law, a secured creditor can file an application under Section 14 of the SARFAESI Act after the expiry of 60 days from the Section 13(2) notice if the borrower has not discharged the dues. The application is procedural and can be made even if possession has not yet been taken, as long as the statutory conditions are satisfied. Therefore, if the notice was sent on 12.10.2019, and the 60-day period has passed without full repayment, the creditor can now file an application under Section 14 to seek assistance from the Court or Magistrate for taking possession of the secured asset.
In the complex world of banking recovery laws in India, the , plays a pivotal role. often grapple with questions about timelines and procedures for recovering assets. A common query arises: Under Notice under Sent on , can we now file application for taking possession of before court under ?
This blog post dives deep into this issue, exploring the statutory framework, judicial interpretations, and practical implications. Whether you're a bank executive, borrower, or legal professional, understanding this sequence is crucial to avoid procedural pitfalls. Note: This is general information based on legal precedents and not specific legal advice. Consult a qualified lawyer for your case.
The empowers banks and financial institutions () to enforce security interests without court intervention in most cases. It outlines a step-by-step process for asset recovery when borrowers default.
Key sections include:- : Demand notice to the borrower to repay dues within 60 days.- : Allows the secured creditor to take possession of the if dues remain unpaid.- : Seeks assistance from the , , or equivalent authority if possession under proves challenging.
The process is sequential, designed to balance creditor rights with borrower safeguards. Skipping steps can invalidate actions, as courts have repeatedly emphasized. [
#SARFAESIAct, #AssetRecovery, #BankingLaw
aside the notice dated 4th August, 2017 under section 13(2) and notice dated 1st November, 2017 under section 13(4) of the SARFAESI Act. ... section 13(4) of the SARFAESI Act read with rule 8 of the Enforcement Rules and got them published on 20th February, #HL_ST....
However, the writ petitioner was not issued with any notice under Section 13(2) of the SARFAESI Act, 2002. ... This has culminated into appointment of a Court Commissioner by the learned Chief Judicial Magistrate as per the provisions of Section 14 of the SARFAESI Act for taking #H....
They already received the notice under Section 13(2) of the SARFAESI Act. 8. In the case at hand, the first point of grievance of petitioner as Secured Creditor is long delay caused in taking decision over application Signature Not Verified under Section 14 of the SARFAESI #HL_STAR....
However, the writ petitioner was not issued with any notice under Section 13(2) of the SARFAESI Act, 2002. ... This has culminated into appointment of a Court Commissioner by the learned Chief Judicial Magistrate as per the provisions of Section 14 of the SARFAESI Act for taking#HL_END....
has held that the powers exercisable by CMM/DM under Section 14 of the SARFAESI Act are ministerial steps and the said Section does not involve any adjudicatory process qua points raised by the borrower against the secured creditor taking possession of the secured assets. ... So far as the argument regarding the action under #HL_STAR....
After taking possession under Section 14 of the SARFAESI Act. ... Under sub-section (10) of Section 13 of the SARFAESI Act where dues of the secured creditor are not fully satisfied with the sale proceeds, the secured creditor may file#....
The petitioners have also not pointed out notice issued under Section 13(4) of the SARFAESI Act by the secured creditor. ... The document at Ext.P7 is an order passed by the learned Chief Judicial Magistrate in a petition filed under Section 14 of the SARFAESI Act on 15.02.2020 and an Advocate Commissione....
The petitioners have also not pointed out notice issued under Section 13(4) of the SARFAESI Act by the secured creditor. ... The document at Ext.P7 is an order passed by the learned Chief Judicial Magistrate in a petition filed under Section 14 of the SARFAESI Act on 15.02.2020 and an Advocate Commissioner was appoin....
10.Thereafter, the petitioner Bank/secured creditor had filed an application under Section 14 of SARFAESI Act before the first respondent on 21.05.2019, seeking assistance for taking physical possession of the property. ... petitioner Bank had issued possession notice under #HL_ST....
That the Applicant has filed an application under Section 14 of the SARFAESI Act, 2002 before this Hon'ble Court for taking possession of the aforesaid Secured Asset and the same has been allowed vide order dated 06.12.2021. The Hon'ble Court was pleased to appoint Sh. ... On #HL_S....
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