Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002

M/s Kut Energy Pvt. Ltd. and others had taken a loan for a hydro‑electric project and defaulted, leading Punjab National Bank to issue notices under Section 13(2) of the SARFAESI Act and later a possession notice. The borrowers offered a One‑Time Settlement (OTS) and, to demonstrate their bona fides, deposited Rs 40 cr…

The Asset Reconstruction Company (India) Ltd., a consortium of lenders, filed a Section 7 application before the NCLT seeking initiation of corporate insolvency proceedings against Corporate Power Ltd. after the latter defaulted on its loans. The NCLT admitted the application, relying on entries in the debtor's balance…

The corporate debtor Veer Gurjar Aluminium Industries defaulted on its loans on 08 July 2011. The financial creditor, JM Financial Assets Reconstruction Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in March 2018 to initiate a corporate insolvency resolution process, stating …

The Supreme Court considered contempt petitions filed by the successful auction purchaser (Celir LLP) against the original borrower, a subsequent transferee, and the bank, alleging wilful disobedience of the Court’s 21 September 2023 judgment that confirmed the 9th auction of a secured asset and directed issuance of a …

Suzuki Parasrampuria Suitings Pvt. Ltd. (the appellant) was assigned the debt of Mahendra Petrochemicals Ltd. (MPL) by IFCI for a nominal sum and sought substitution as a secured creditor under the SARFAESI Act. The Company Judge rejected the application, holding that the appellant was not a bank, financial institution…

The petitioners, two senior bank officials, challenged a criminal complaint filed under Section 200 of the CrPC alleging that they colluded with an auction purchaser to cause wrongful loss to the borrower, K. Virupaksha, after the bank invoked the SARFAESI Act to enforce a secured loan of Rs.2.68 crore. The borrower’s …

The Supreme Court examined whether a borrower can invoke Section 17(1) of the SARFAESI Act before the bank or financial institution takes actual physical possession of the secured asset. The dispute arose from Hindon Forge Pvt. Ltd. and others challenging a Full Bench of the Allahabad High Court that had held the remed…

The Supreme Court considered the Union of India's demand that telecom service providers (TSPs) pay Adjusted Gross Revenue (AGR) dues as determined in earlier judgments, while several TSPs were under insolvency proceedings. The Court examined whether spectrum, a natural resource licensed under the Indian Telegraph Act, …