AI Overview...
Pecuniary Jurisdiction to File Section 14 of SARFAESI Act
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Section 14 of SARFAESI Act - Provides the mechanism for secured creditors to initiate proceedings for recovery of secured assets without court intervention, primarily through an application to the Debts Recovery Tribunal (DRT). The jurisdiction to entertain such applications is pecuniary (financial) in nature, based on the value of the secured asset or debt involved.
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Pecuniary Limit and Jurisdiction - The courts and tribunals have established that the pecuniary jurisdiction for filing applications under Section 14 is determined by the value of the secured debt or asset. Generally, the DRT's jurisdiction is limited to cases where the amount exceeds a certain monetary threshold, which varies by jurisdiction but is typically set by the Central Government or relevant rules. For example, some judgments specify that if the amount exceeds ₹1 lakh, the application should be filed before the DRT within its pecuniary limits P. M. Kelukutty VS Young Mens Christian Association - Kerala.
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Exclusion of Civil Court Jurisdiction - Section 34 of SARFAESI explicitly bars the jurisdiction of civil courts in matters relating to the enforcement of security interests under SARFAESI, especially when such matters are within the jurisdiction of the DRT. This underscores the importance of filing under the correct pecuniary jurisdiction to avoid jurisdictional conflicts EIH Limited VS Balaji Hotels and Enterprises Limited - Madras.
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Limitation and Validity of Applications - The application under Section 14 must be filed within the prescribed limitation period. Courts have held that if filed within the statutory period, such applications are valid and enforceable, and the jurisdiction is determined based on the amount involved P. M. Kelukutty VS Young Mens Christian Association - Kerala.
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Interplay with Other Laws - Section 37 of SARFAESI clarifies that the Act is in addition to other laws like the RDDB Act, but the jurisdiction for proceedings under SARFAESI remains pecuniary and exclusive to the DRT for matters relating to security enforcement Fermina Developers Private Limited VS Indiabulls Housing Finance Limited - Delhi.
Analysis and Conclusion
The pecuniary jurisdiction for filing an application under Section 14 of SARFAESI is primarily determined by the amount involved, with the Debts Recovery Tribunal (DRT) having exclusive jurisdiction for cases exceeding the specified monetary threshold. Civil courts are generally barred from adjudicating such matters, emphasizing the importance of filing within the appropriate pecuniary limits to ensure proper jurisdiction. This framework aims to streamline recovery proceedings and prevent jurisdictional conflicts, ensuring that financial disputes related to security interests are addressed efficiently within the specialized tribunals.
References: - P. M. Kelukutty VS Young Mens Christian Association - Kerala - EIH Limited VS Balaji Hotels and Enterprises Limited - Madras - Fermina Developers Private Limited VS Indiabulls Housing Finance Limited - Delhi
Search Results for "Pecunary Jurisdiction to File Sec 14 of Sarfaesi Act Application"
• India - Consumer
K. RANGA RAO, R. S. RAJESHREE
derogation of any other law – This is a complaint filed by Complainant seeking refund of money paid by him – Whereas, proceedings under SARFAESI ... (A) Consumer Protection Act, 1986 – Section 3 [Consumer Protection Act, 2019 – Section 100] – Consumer complaint ... (Para 11) (B) Consumer Protection Act, 1986 – Section 24-A [Consumer Protection Act, 2019 – Section 69] – Consumer ... In order to consider this objection we would like to extract the relevant provision of pecuniary #HL_STA....
2020 0 Supreme(Mad) 1640 • India - Madras
R.N.MANJULA
Maintainability - Partition of Property - Sec. 34 of SARFAESI Act - Plaintiffs' claim against Sec. 34 p align ... Act Result: Application allowed, relief granted for 'B' schedule property ... parties Ratio Decidendi: Supreme Court's decision on maintainability of suit for partition and the objective of SARFAESI ... SARFAESI Act had been initiated. ... Sec. 34 of the SARFAESI Act....
2022 0 Supreme(P&H) 1014 • India - Punjab and Haryana
RAMACHANDRA RAO, HARMINDER SINGH MADAAN
Mortgage - Agricultural Loan - Transfer of Property Act, 1882, Section 58(f); SARFAESI Act, 2002, Section 13(2) - The court discussed ... The respondent-Bank initiated proceedings under the SARFAESI Act, 2002 demanding payment, claiming an extension of equitable mortgage ... equitable mortgage on the plant machinery and buildings of the cold storage to the Crop Loan availed by the petitioner No.1 under the SARFAESI ... . 17 of the SARFAESI Act, 2002 ....
2021 0 Supreme(Bom) 63 • India - Bombay
SUNIL B.SHUKRE, AVINASH G.GHAROTE
Recovery Tribunal, to decide all matters relating to Sections 13 and 17 of the SARFAESI Act, is exclusive - In all cases, where ... Tribunal is empowered to determine by or under the provisions of the Act, the jurisdiction of the Civil Court to entertain a suit ... plaintiffs, who were members of the HUF - Bar under Section 34 applies in respect of a matter which can be determined under the SARFAESI ... person who has made an application under Section 17 (1) of the SARFAESI#H....
2021 0 Supreme(Mad) 1276 • India - Madras
P.T.ASHA
Financial Institutions Act, 1993 - Section 31(A) - SARFAESI Act - Section 13 (4) - Ex parte order of adjudication - Bank - Creditors ... Act - Applications allowed ... - Jurisdiction, powers and authority of Tribunals - Applicant and his late brother and their companies had borrowed money from M ... The judgments referred to hereinbelow would draw a distinction between a challenge to the (i) territorial jurisdiction (Sec.21 of the CPC) (ii) #HL_STAR....
2021 0 Supreme(Mad) 3330 • India - Madras
R.SUBRAMANIAN
Section 34 of SARFAESI Act in effect bars the jurisdiction of Civil Court, more so, when actions of Authorised Officer of a Secured ... Act, over which the Debt Recovery Tribunal has been conferred the exclusive jurisdiction under Section 17 of the Act - Find that ... 5 and 13 - Specific Relief Act - Sections 34, 14(b) & (d), 41(e) , 42 and 5 - Tamil Nadu Court Fees and Suits Valuation Act, 1955 ... 2.14. An Inter....
• India - Delhi High Court
YASHWANT VARMA
and must be adjudicated by the DRT, excluding the jurisdiction of civil courts. ... and disposal of securities - OTS letter stipulated payment of settlement amount by specified date - Disputes raised uncovered by jurisdiction ... of civil courts as actions were non-arbitrable under SARFAESI - Findings concluded that all related disputes must be decided by ... Therefore, reading Sections 35 and 37 together, it will have to be held that in the event of any of the provisions of the RDDB Act not being inconsistent with the p....
2022 0 Supreme(Del) 2192 • India - Delhi
YASHWANT VARMA
Section 37 discloses that the application of the SARFAESI Act will be in addition to and not in derogation of the provisions of the RDDB Act. In other words, it will not in any way nullify or annul or impair the effect of the provisions of the RDDB Act. ... (10) Where dues of the secured creditor are not fully satisfied with the sale proceeds of the secured assets, the secured creditor may file an application in the form and manner as may be prescribed to the Debts ....
2016 0 Supreme(Ker) 77 • India - Kerala
ASHOK BHUSHAN, A.M.SHAFFIQUE
Whether the application filed by the 2nd respondent under Section 14 of the 2002 Act was barred by limitation? 7. ... The Court also held that the application filed by the secured creditor under Section 14 of the 2002 Act was not barred by limitation ... The Court also held that the application filed by the secured creditor under Section 14 of the 2002 Act was not barred by limitation ... the power under Sec.#HL_ST....
2016 0 Supreme(Ker) 262 • India - Kerala
ASHOK BHUSHAN, A.M.SHAFFIQUE
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - Sections ... borrower shall transfer property by way of sale or lease without consent of secured credit - Held, Provisions of section13(13) of Act ... the power under Sec.14 of 2002 Act. ... Hence the 2nd respondent was to take the premises along with the tenancies and it cannot file an application under Section 14 of the 2002 Act ....
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