District Magistrate is not empowered to hear the borrower or third parties while deciding a Section 14 application filed by a secured creditor.

On August 3, 2022, a division bench of the Hon’ble Bombay High Court (“High Court”) comprising of Justice K.R. Shriram, and Justice A.S. Doctor in the case of Phoenix ARC Pvt. Ltd. & Anr. v.

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Secured creditor, Bombay High Court, Supreme Court of India
Authors:
Varghese Thomas , Yohaann Limathwalla , Ahsan Allana
Location:
India
Firm:
JSA
45 days’ time limit for filing an application under section 17 of the sarfaesi act is meant for quick enforcement of security

On August 11, 2022, a two-judge bench of the Hon’ble Supreme Court in the case of Bank of Baroda vs Parasaadilal Tursiram Sheetgrah Pvt. Ltd. has observed that the time limit of 45 (forty-five) days prescribed under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“Act”) is provided for quick enforcement of the security.

Brief Facts & Procedural History

Filed under:
India, Banking, Insolvency & Restructuring, Litigation, JSA
Authors:
Varghese Thomas , Yohaann Limathwalla , Ahsan Allana
Location:
India
Firm:
JSA