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34 judgments · newest first · showing 1–34
The petitioner challenged sale notices issued in 2024 under the Security Interest (Enforcement) Rules, 2002 and a physical possession notice dated 17 February 2026. No counsel appeared for either party. The court observed that the record showed the notices had been taken to their logical end and …
The petitioners sought an interim order to stay the physical possession of a flat that had been secured by Punjab National Bank under the Securitisation Act. The High Court had earlier rejected their interim relief on 2 September 2026, reasoning that they had not made out a prima facie case. After a …
The Cosmos Co‑op Bank filed a writ petition under Section 14 of the SARFAESI Act seeking the magistrate’s assistance to take possession of movable secured assets (industrial shed and machinery). The magistrate had rejected the application, holding that Rules 4 and 5 provide a complete mechanism for …
Roshan Kumar purchased four parcels of land through an e‑auction conducted by UCO Bank on 27‑Nov‑2024 and paid the full bid amount. The bank, however, has not issued the sale certificates nor handed over possession, claiming that an interim order of the Debt Recovery Tribunal (DRT) in S.A. No. 309 …
The appellant society, representing homebuyers, challenged the NCLAT's order admitting Takshashila Heights India Private Ltd (the corporate debtor) into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Edelweiss Asset Reconstruction Company Ltd (the financial creditor). The …
The Bank of Baroda issued a possession notice under the SARFAESI Act to recover defaulted loans, but a clerical error inflated the outstanding amount, leading the borrower Phoenix India to allege defamation and file a criminal complaint under Sections 499, 500 and 501 IPC against the Bank's senior …
The appellant, PNB Housing Finance Ltd., took symbolic and later physical possession of a premises that had been offered as security for a loan to the borrower (2nd Respondent) after the borrower defaulted. The 1st Respondent claimed to be a tenant of the premises since 1987 under an unregistered …
The appellant, a Manager at the Head Office of HDFC Ltd., was charged in an FIR for allegedly suppressing the fact that a mortgaged property had been acquired by the Tamil Nadu Housing Board and for cheating the purchaser at a public auction conducted in 2012. He filed a petition under Section 482 …
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 …
IDBI Bank conducted an e‑auction of a property on 10 April 2018, where the respondents were the highest bidders and paid 25% of the bid amount. The bank required the balance payment of Rs.1,06,50,000 within 15 days but did not accept the amount, citing a pending CBI complaint and an ED advisory, and …
The borrowers defaulted on a loan from Bank of Baroda, which initiated SARFAESI proceedings and conducted an open auction of the mortgaged premises. The appellants, who were tenants of the borrowers, became the highest bidders and were issued a sale certificate, thereby converting their status to …
The Supreme Court considered a Miscellaneous Application filed by Sunview Assets Pvt. Ltd., the auction purchaser, seeking a sale certificate from Union Bank of India on the ground that it had fully paid the auction price with interest as ordered on 12 May 2020. The Court examined whether the …
The Supreme Court examined appeals arising from SARFAESI Act proceedings where a borrower (Sidha Neelkanth Paper Industries) defaulted on a loan, the secured assets were auctioned, and the auction proceeds exceeded 50% of the claimed debt. The borrower challenged both the steps taken under Section …
The borrower (M/s Raus Constructions) defaulted on a loan from Indian Bank, leading the bank to invoke the SARFAESI Act, issue possession notices and conduct an e‑auction of the secured properties. The auction purchaser bought one of the properties and the Debts Recovery Tribunal (DRT) confirmed the …
Mrs. Leelamma Mathew purchased a secured property advertised as 54 cents in an auction conducted by Indian Overseas Bank under the SARFAESI Act. After paying the full consideration, she received possession of only 39.60 cents, the remaining 14.40 cents having been transferred earlier by the original …
The respondents defaulted on three loan facilities secured by an equitable mortgage and the bank initiated SARFAESI proceedings, eventually conducting an e‑auction of the mortgaged property. The respondents challenged the auction on two grounds: a typographical error in the door number in the …
The petitioners, legal heirs of the deceased Balkrishna Rama Tarle, claimed tenancy rights over part of a mortgaged property and challenged the District Magistrate's refusal to assist the secured creditor, Phoenix Arc Private Limited, in taking possession under Section 14 of the SARFAESI Act. The …
The borrower, M/s R.D. Jain & Co., challenged the Bombay High Court’s interpretation that the Chief Metropolitan Magistrate (CMM) and District Magistrate (DM) under Section 14 of the SARFAESI Act are not persona designata and that the terms include their additional counterparts. The secured …
Indian Overseas Bank (IOB) had taken possession of two secured assets of M/s RCM Infrastructure Ltd. and conducted an e‑auction under the SARFAESI Act, selling the assets to bidders who paid 25% of the price and were later allowed to pay the balance by 8 March 2019. The corporate debtor filed a …
Bank of Baroda granted a term loan and cash credit facility to M/s Karwa Trading Company secured by two mortgaged properties. After the borrower defaulted, the bank invoked the SARFAESI Act, took symbolic possession, and issued a public auction notice. The borrower filed an application under Section …
The borrowers Vishwa Bharati Vidya Mandir and St. Ann’s Education Society obtained large loans from Saraswat Co‑operative Bank, which were classified as NPA in 2013. The bank issued a notice under Section 13(2) of the SARFAESI Act and later assigned the NPA account to Phoenix ARC Private Ltd. After …
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 …
Agarwal Tracom Pvt. Ltd. purchased assets of a defaulting borrower at a public auction conducted by Punjab National Bank (PNB) under the SARFAESI Act. After failing to pay subsequent installments, the bank forfeited Agarwal's deposit pursuant to Rule 9(5) of the Security Interest (Enforcement) …
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 …
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 …
The Supreme Court examined whether a Company Court or an Official Liquidator can control the sale of secured assets by a secured creditor under the SARFAESI Act when the borrower is a company under winding up. Pegasus Assets Reconstruction Ltd, the secured creditor, sought to enforce its security …
Excel Dealcomm Pvt Ltd entered a private treaty agreement with Asset Reconstruction Company (India) Ltd (ARCIL) for the sale of immovable and movable assets under the SARFAESI Act. Excel filed a suit for specific performance in the Calcutta High Court, seeking issuance of a sale certificate that …
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 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 respondents alleged that their son committed suicide after ICICI Bank's recovery agents forcibly repossessed his motorcycle, causing humiliation. A writ petition was filed seeking police action against the bank. The Delhi High Court ordered police reports, found them unsatisfactory, and directed …
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 …
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 …
