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Dec 17, 2002 · In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely: [ other business or commercial rights of similar nature under clause (t) of section 2;] [Inserted by Act No. 44 of 2016.] (aa) [] [Clause (a) renumbered as clause (aa) by Act No. 44 of 2016.] the form and manner in which an application may be filed under sub-section (10) of section 13; the manner in which the rights of a secured creditor may ...
May 23, 2014 · But, before enforcing the power vested with him, the Authorised Officer has to fulfill his obligation of considering the representation or objection made by the borrower as per section 13(3 A) of SARFAESI ACT and examine whether the same is acceptable or tenable and has to follow the rules as per section 3 A (a) (b) and (c) as the case may be ...
Nov 8, 2023 · The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is an Indian law that provides a fast-track mechanism for banks and financial institutions to recover their loans from defaulting borrowers. The Act was enacted in response to the growing problem of non-performing assets (NPAs ...
Union of India - Subsection Section 8(5) in The Security Interest (Enforcement) Rules, 2002 (5) Before effecting sale of the immovable property referred to in sub-rule (1) of rule 9, the authorized officer shall obtain valuation of the property from an approved valuer and in consultation with the secured creditor, fix the reserve price of the property and may sell the whole or any part of such immovable secured asset by any of the following methods:-by obtaining quotations from the persons ...
18. the security interest enforcement rules, 2002 188 19. reserve bank of india guidance notes for securitisation companies and reconstruction companies 194 20. the securitisation companies and reconstruction companies (reserve bank) guidelines and directions, 2003 198 21. professional opportunities 211 22.
Union of India - Section Section 3 in The Security Interest (Enforcement) Rules, 2002 3. Demand notice. The service of demand notice as referred to in sub-section (2) of section 13 of the Act shall be made by delivering [including hand delivery] [Inserted by Notification No. G.S.R. 1046 (E), dated 3.11.2016 (w.e.f. 20.9.2002).] or transmitting at the place where the borrower or his agent, empowered to accept the notice or documents on behalf of the borrower, actually and voluntarily resides ...
Apr 6, 2018 · Significantly, the judgment of the Supreme Court in CANARA BANK8, rendered in the context of the un-amended provisions of the SARFAESI Act and the Rules of 2002, cannot be applied to the post-amendment scenario, in view of the truncated right of redemption available to a borrower under the amended Section 13(8) of the SARFAESI Act. The ...
