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247 judgments · newest first · showing 201–247
The appellants had taken term loans from Bank of India which later became non‑performing, prompting the bank to invoke sections 13(2) and 13(4) of the SARFAESI Act and take constructive possession of the mortgaged property. After a public auction on 19 December 2005, the highest bidder was issued a …
The appellants, home buyers, filed suits against the builder and Axis Bank seeking specific performance, possession and other reliefs concerning flats in the Orbit Heaven project. Axis Bank moved a notice of motion under Order 7 Rule 11(d) of the CPC to have the plaint rejected only against it, …
State Bank of India (SBI) sought recovery of a loan from a corporate debtor whose managing director, V. Ramakrishnan, had also given a personal guarantee. After the corporate debtor defaulted, SBI invoked SARFAESI provisions and the debtor filed an insolvency petition under the Insolvency and …
Indian Bank granted a term loan to Yelagiri Dairy Farm and secured it by mortgaging 6.10 acres of land. When the loan became a non‑performing asset, the bank invoked the SARFAESI Act, took possession and sold the property. The borrowers contended that the land was agricultural and therefore exempt …
The bank created an equitable mortgage over a flat by taking a loan from the directors of Allwyn Alloys. When the loan defaulted, the DRT and DRAT upheld the bank’s security and rejected the claim of the flat’s occupants (respondents 5 and 6) who relied on a later unregistered MOU. The High Court, …
The auction of an immovable property was held on 14 February 2013, where the appellant was the highest bidder and paid the required earnest money and 25% of the sale price. The secured creditor confirmed the sale by letter on 27 February 2013, after which the appellant deposited the remaining 75% on …
The case involved a dispute between ITC Limited, the auction purchaser of a five‑star hotel, and Blue Coast Hotels Ltd., the original borrower, under the SARFAESI Act. The borrower argued that the creditor (IFCI) violated s.13(3A) by not replying to its representation for loan rescheduling and that …
The appellant, a guarantor, created an equitable mortgage over his property to secure a loan that later defaulted. The bank invoked the SARFAESI Act and initiated auction proceedings, which the appellant attempted to halt by offering partial payment and filing writ petitions. The High Court stayed …
Indiabulls Housing Finance Ltd (appellant) sought to enforce loan recovery against Deccan Chronicle Holdings Ltd and others under the SARFAESI Act after the original lender, Indiabulls Financial Services Ltd (IBFSL), merged into Indiabulls Housing Finance. The High Court held that SARFAESI could not …
The appellant bank sought to set aside an interim order of the Kerala High Court that stayed proceedings under Section 13(4) of the SARFAESI Act after the borrower, Mathew K.C., filed a writ petition under Article 226 seeking regularisation of his loan. The Supreme Court examined whether the writ …
The appellants borrowed money from the respondent, securing the loan with seven immovable properties. Their loan account was declared a non‑performing asset and the parties’ contract contained an arbitration clause, leading the respondent to initiate arbitration while also issuing notices under …
The appellants, bona‑fide tenants of a property owned by Krishna Budha Gawde, challenged the forfeiture of that property under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (SAFEMA). Gawde had been detained under COFEPOSA and his property was declared “illegally …
Maharaji Educational Trust borrowed Rs.75 crore from HUDCO and mortgaged six properties. It later exchanged 21 acres of one mortgaged property with Avas Parishad and entered into a sale agreement for the entire 63.45 acres (including the exchanged land) with SGS Constructions, which was subject to …
Power Machines India Ltd obtained an arbitral award under the Micro, Small and Medium Enterprises Development Act, 2006 directing it to pay a sum to Lakshmi Engineering Industries. The State of Madhya Pradesh, invoking Rule 5 of the Madhya Pradesh MSME Facilitation Council Rules, 2006, sought …
Canara Bank, the secured creditor, sought to enforce its security over an immovable property pledged by the guarantor M. Amaren... after the borrower defaulted. The bank issued a possession notice, valued the property, and then served a notice of intention to sell together with a public e‑auction …
The Supreme Court examined a public interest writ petition challenging the effectiveness of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and its 2016 amendment, which aim to ensure speedy recovery of bank and financial institution dues through Debt Recovery Tribunals …
The Supreme Court examined whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) could be applied in the State of Jammu & Kashmir. The High Court had held that key provisions of SARFAESI were ultra‑vires Parliament because they …
UCO Bank issued a sale notification under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to auction mortgaged property. The borrowers, members of Scheduled Tribes, challenged the sale alleging that Section 187 of the Tripura Land Revenue and …
The State Bank of Patiala had advanced a term loan of Rs.8 lakh to Mukesh Jain, who defaulted and the bank invoked the SARFAESI Act, issuing a notice under Section 13(2). Jain challenged the SARFAESI proceedings by filing a civil suit, prompting the bank to move an application under Order VII Rule …
Axis Bank appealed against the Gujarat High Court’s order allowing SBS Organics Private Limited to withdraw its appeal before the Debt Recovery Appellate Tribunal (DRAT) and to get back the Rs 50 lakh pre‑deposit made under Section 18 of the SARFAESI Act. The Supreme Court examined whether such a …
Madras Petrochem Ltd. and another filed appeals challenging a Delhi High Court order that stayed the winding‑up of the company before the BIFR. The core dispute was whether the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) …
The appellant, a tenant, challenged the Bank of India's attempt to take possession of a mortgaged premises under the SARFAESI Act after the landlord defaulted on a loan. The Court examined whether Section 35 of the SARFAESI Act, a non obstante clause, could override the Maharashtra Rent Control Act, …
The Supreme Court examined whether the Appellate Tribunal under the SARFAESI Act could condone a delay in filing an appeal under Section 18(1). It held that Section 18(2) incorporates the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, including the proviso to …
The Supreme Court examined a series of criminal complaints filed by borrower Prakash Kumar Bajaj against senior officials of Punjab National Bank Housing Finance Ltd. after the bank invoked the SARFAESI Act to recover a defaulted housing loan. The borrower, having settled the loan through a one‑time …
B.P.L. Ltd., facing severe financial distress, sought approval of a scheme of arrangement under Section 391 of the Companies Act, 1956. Infrastructure Leasing & Financial Services Ltd. (the appellant) was a secured creditor with a hypothecation charge registered against B.P.L. but later argued that …
The Bombay Stock Exchange (BSE) declared member Suresh D. Shah a defaulter and the Income Tax Department sought to attach the proceeds of his membership card and securities under s.226(3) of the Income Tax Act. BSE argued that a membership card is a personal, non‑transferable privilege and that its …
The borrower defaulted on a loan and the bank, under the SARFAESI Act, took possession of the mortgaged hotel and attempted to sell it by public auction. The auction purchaser, Vasu P. Shetty, obtained the highest bid, but the High Court set aside the sale because the public notice did not give the …
The appellants, who were tenants of premises mortgaged to banks, challenged the seizure of those premises by the secured creditors under the SARFAESI Act. The Supreme Court examined whether a lease made by the mortgagor, either before or after the mortgage, remains valid and binding on the secured …
The borrowers (respondent Nos. 1 and 2) defaulted on loans from State Bank of India, leading the bank to invoke the SARFAESI Act and issue demand and possession notices. The bank later approved a private‑treaty sale of the mortgaged immovable assets to the appellants for a consideration barely above …
The Bank of India advanced a loan secured by equitable mortgages on several properties, the title deeds of which were deposited with the bank. After the borrowers defaulted, the bank invoked the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 …
Hill Properties Ltd., the appellant, claimed ownership of Flat No.23 in Mumbai, asserting that the flat was allotted to its shareholder (Respondent No.5) who could only occupy it and could not mortgage it without the company's consent under its Articles of Association. Respondent No.5 had created an …
The Supreme Court examined whether a secured creditor under the SARFAESI Act could obtain possession of a secured asset by invoking Section 14 without first attempting possession under Section 13(4), and whether such a route would defeat the borrower's right to appeal under Section 17. It held that …
The Supreme Court examined a sale of mortgaged property under the SARFAESI Act where the auction purchaser paid only 25% of the price initially and the balance after 11 months. The borrower had sent a letter consenting to accept the balance payment and authorising issuance of a sale certificate, …
The appellants challenged a writ petition filed by the respondents before the Allahabad High Court that sought to quash an order of the Debt Recovery Tribunal (DRT) Delhi approving the auction of the respondents' property under the SARFAESI Act. The High Court, after finding no ground to interfere …
The appellant, Har Devi Asnani, purchased a residential plot for Rs 18 lakh and paid stamp duty of Rs 1,17,000, but the Sub‑Registrar re‑valued the land at Rs 2,58,44,260, leading the Additional Collector to demand a deficit stamp duty of Rs 15,70,000. The appellant challenged the demand in the High …
Bharat Steel Tubes Ltd. challenged a Delhi High Court order that held IFCI Ltd. to be a "public financial institution" under Section 4A of the Companies Act, 1956 and therefore entitled to enforce a security interest under the SARFAESI Act, 2002. The petitioner argued that the Central Government no …
Narayan Chandra Ghosh, a borrower, appealed to the Appellate Tribunal under Section 18 of the SARFAESI Act against an order of the Debt Recovery Tribunal. The Tribunal exempted him from the mandatory pre‑deposit of 50% of the debt, as required by the second proviso of Section 18, and the Calcutta …
ICICI Bank assigned a portfolio of non‑performing assets (NPAs) worth Rs 52.45 crore to Kotak Mahindra Bank under a deed of assignment. One of the borrowers, APS Star Industries Ltd., entered liquidation and Kotak sought to be substituted as the secured creditor in the winding‑up proceedings. The …
Eureka Forbes Ltd. granted a licence to two respondents to use its factory premises. When the licencees failed to pay fees, Eureka sold the stock in the premises, which was hypothecated to Allahabad Bank, without the bank's consent. The bank sued Eureka and the licencees for recovery of the …
The Supreme Court examined whether sugar bags pledged by two cooperative sugar mills to Maharashtra State Co‑operative Bank Ltd. could be attached and sold to satisfy the employer's liabilities under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The Court held that Section …
The Industrial Investment Bank of India Ltd. (the bank) granted two short‑term working capital loans to Modern Maileables Ltd., with the company's director, Bishwanath Jhunjhunwala, executing a personal guarantee. After the borrower defaulted, the bank initiated attachment proceedings against the …
The Authorized Officer of Indian Overseas Bank (IOB) sought to enforce its security interest over the assets of Mis. Ashok Saw Mill under Section 13(4) of the SARFAESI Act after the borrower defaulted on loans, leading to possession and eventual sale of assets. The borrower challenged the actions …
The Supreme Court examined whether the statutory first‑charge provisions in the Bombay Sales Tax Act (s.38C) and the Kerala General Sales Tax Act (s.26B) conflicted with the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (ORT Act) and the Securitisation and Reconstruction of …
The Greater Bombay Co‑operative Bank Ltd. advanced loans to its member company United Yarn Tex Pvt. Ltd. and sought recovery of the dues under the Maharashtra Co‑operative Societies Act, 1960. The High Courts held that, after the establishment of the Debt Recovery Tribunal under the Recovery of …
The Supreme Court examined whether a bank, having filed an original application before the Debt Recovery Tribunal (DRT) for recovery of dues, must withdraw that application before invoking the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (NPA …
Mis. Kusum Ingots and Alloys Ltd., a Mumbai‑registered company, obtained a loan from the Bhopal branch of State Bank of India and was served a repayment notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The company challenged the …
The Supreme Court examined the constitutionality of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, enacted to facilitate speedy recovery of non‑performing assets. The Court held that the Act is valid and serves a public‑interest goal of …
