Contents Chapter-Heads I-5 List of Circulars/Notifications I-23 BOOK ONE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 DIVISION ONE GUIDE TO SARFAESI ACT, 2002 1 OVERVIEW OF SARFAESI ACT 1.1 1.5 1.1-1 1.6 1.1-2 1.7 1.1-3 1.8 1.2 1.9 1.2-1 1.10 1.2-2 1.11 1.2-3 1.12 1.2-4 1.13 1.3 1.14 1.3-1 1.16 1.4 1.16 I-9
1.4-1 1.17 1.4-2 1.18 1.4-3 1.18 1.4-4 1.18 1.4-5 1.19 1.4-6 1.19 1.4-7 1.20 1.5 1.20 1.5-1 1.20 1.5-2 1.21 1.6 1.21 1.7 1.22 1.7-1 1.22 1.7-2 1.22 1.7-3 1.23 1.7-4 1.23 1.8 1.23 2 ENFORCEMENT OF SECURITY INTEREST 2.1 1.24 2.1-1 1.24 2.1-2 1.26 2.1-3 1.26 I-10
2.2 1.26 2.2-1 1.27 2.2-2 1.27 2.2-3 1.28 2.2-4 1.30 2.2-5 1.31 2.3 1.31 2.3-1 1.32 2.3-2 1.33 2.3-3 1.33 2.4 1.33 2.4-1 1.34 2.4-2 1.34 2.4-3 1.34 2.4-4 1.35 2.4-5 1.35 2.4-6 1.35 2.4-7 1.36 2.5 1.36 2.5-1 1.37 2.5-2 1.37 2.5-3 1.38 2.5-4 1.39 2.6 1.40 2.6-1 1.41 2.6-2 1.42 2.6-3 1.43 2.6-4 1.43 2.6-5 1.44 2.7 1.45 I-11
2.7-1 1.45 2.7-2 1.46 2.7-3 1.46 2.8 1.47 2.8-1 1.47 2.8-2 1.47 2.8-3 1.47 2.8-4 1.50 2.9 1.53 2.9-1 1.54 2.10 1.55 2.10-1 1.56 2.11 1.56 3 PROCEDURE FOR SALE OF ASSETS 3.1 1.57 3.1-1 1.57 3.1-2 1.57 3.1-3 1.60 3.2 1.60 3.2-1 1.62 3.2-2 1.62 3.2-3 1.64 3.2-4 1.64 3.2-5 1.64 3.3 1.65 3.3-1 1.66 I-12
3.3-2 1.66 3.3-3 1.70 3.4 1.71 3.5 1.73 3.5-1 1.74 3.5-2 1.74 3.6 1.75 3.6-1 1.75 3.6-2 1.76 3.6-3 1.76 3.6-4 1.77 4 APPLICATION, APPEALS AND PENALTY UNDER SARFAESI ACT 4.1 1.78 4.1-1 1.78 4.1-2 1.79 4.1-3 1.80 4.1-4 1.81 4.1-5 1.81 4.2 1.81 4.2-1 1.82 4.2-2 1.82 4.3 1.83 4.3-1 1.83 4.3-2 1.85 4.3-3 1.85 I-13
4.4 1.86 4.5 1.86 4.5-1 1.87 5 SECURITISATION 5.1 1.88 5.1-1 1.89 5.1-2 inter se 1.89 5.2 1.89 5.2-1 1.91 5.2-2 1.91 5.2-3 1.91 5.2-4 1.92 5.2-5 1.92 5.3 1.92 5.3-1 1.93 5.3-2 1.94 5.3-3 1.94 5.4 1.96 5.5 1.96 5.6 1.97 5.7 1.97 5.7-1 1.97 5.7-2 1.99 5.7-3 1.100 5.7-4 1.100 I-14
6 ASSET RECONSTRUCTION COMPANIES 6.1 1.101 6.1-1 1.101 6.1-2 1.102 6.2 1.103 6.2-1 1.103 6.2-2 1.104 6.2-3 1.105 6.3 1.105 6.4 1.106 6.4-1 1.106 6.4-2 1.106 6.4-3 1.107 6.5 1.107 6.6 1.108 6.7 1.109 6.7-1 1.109 6.7-2 1.110 6.7-3 1.111 6.7-4 1.112 6.8 1.112 6.8-1 1.113 6.8-2 1.113 6.9 1.114 6.9-1 1.114 7 REGISTRATION OF TRANSACTIONS UNDER SARFAESI ACT 7.1 1.115 7.1-1 1.116 7.1-2 1.116 I-15
7.1-3 1.117 7.2 1.118 7.2-1 1.118 7.2-2 1.118 7.2-3 1.119 7.2-4 1.120 7.3 1.120 7.3-1 1.121 7.3-2 1.122 7.3-3 1.122 7.3-4 1.123 7.4 1.123 SUBJECT INDEX 1.125 DIVISION TWO SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 2.3 2.7 2.55 DIVISION THREE RULES 3.3 3.35 3.43 I-16
BOOK TWO
RECOVERY OF DEBTS AND BANKRUPTCY ACT, 1993
DIVISION SIX GUIDE
ACT, 1993
DIVISION FOUR CIRCULARS/DIRECTIONS/NOTIFICATIONS/ORDERS 4.3 4.48 4.85 4.98 4.108 4.110 4.112 4.172 DIVISION FIVE CASE LAWS DIGEST UNDER SARFAESI ACT, 2002 5.3
RECOVERY
BANKRUPTCY
1 BACKGROUND OF RDB ACT 1.1 6.5 1.1-1 6.6 1.1-2 6.6 I-17
TO
OF DEBTS AND
1.1-3 6.7 1.1-4 6.7 1.1-5 6.8 1.1-6 6.8 1.1-7 6.8 1.2 6.10 1.3 6.10 1.4 6.13 1.4-1 6.14 1.4-2 6.14 2 ORIGINAL APPLICATION (OA) TO DRT FOR RECOVERY OF DEBTS 2.1 6.15 2.1-1 6.15 2.2 6.17 2.2-1 6.17 2.3 6.18 2.3-1 6.19 2.3-2 6.20 2.3-3 6.21 3 DEBT RECOVERY TRIBUNAL 3.1 6.22 3.2 6.24 3.2-1 6.24 3.3 6.26 I-18
3.3-1 6.27 3.3-2 6.27 3.4 6.28 3.4-1 6.30 3.4-2 6.30 3.4-3 6.33 3.5 6.34 3.6 6.34 3.7 6.35 3.8 6.37 4 APPEAL AGAINST ORDER OF DRT BEFORE DRAT 4.1 6.41 4.2 6.42 4.3 6.43 4.3-1 6.44 4.3-2 6.45 4.3-3 6.45 4.4 6.45 4.5 6.46 4.5-1 6.47 5 RECOVERY AFTER ORDER 5.1 6.49 5.1-1 6.49 5.2 6.50 5.3 6.50 I-19
6 POWERS AND LIMITATIONS OF TRIBUNAL 6.1 6.53 6.1-1 6.54 6.1-2 6.54 6.2 6.56 6.2-1 6.57 6.2-2 6.58 6.2-3 6.59 6.3 6.62 6.4 6.64 6.5 6.65 6.5-1 6.67 6.5-2 6.68 7 LIMITATION ACT 7.1 6.69 7.1-1 6.70 7.1-2 6.71 7.1-3 6.71 7.1-4 6.71 7.2 6.72 7.2-1 6.72 7.2-2 6.73 I-20
7.2-3 i.e. 6.74 7.2-4 6.74 7.2-5 6.74 7.3 6.75 7.3-1 6.75 7.3-2 6.76 7.4 6.76 7.4-1 6.77 7.4-2 6.77 7.5 6.78 7.6 6.78 7.7 6.78 7.8 6.79 7.9 6.79 8 RBI DIRECTIONS ON RESOLUTION OF STRESSED ASSETS 8.1 6.81 8.1-1 6.82 8.2 6.83 8.2-1 6.84 8.3 6.84 8.3-1 6.84 8.3-2 6.85 8.3-3 6.86 8.4 6.87 8.5 6.87 8.6 6.87 I-21
8.7 6.88 8.8 6.88 SUBJECT INDEX 6.89 DIVISION SEVEN RECOVERY OF DEBTS AND BANKRUPTCY ACT, 1993 7.3 7.7 7.37 DIVISION EIGHT RULES 8.3 8.7 8.27 8.33 8.41 8.53 8.59 8.63 8.67 DIVISION NINE NOTIFICATIONS 9.3 DIVISION TEN CASE LAWS DIGEST UNDER RECOVERY OF DEBTS AND BANKRUPTCY ACT, 1993 10.3 I-22
Procedure for sale of assets
3.1 Sale of asset directly or to ARC i.e. i.e.
3.1-1 Prudential norms for sale transactions
3.1-2 Assistance of Magistrate to take over position
1.57
CHAPTER
shall
Authorised Officer, Indian Bank
D Visalakshi -
Bajaj Finance Ltd. Ali Agency
Pawan Kumar Jajodia
Bajaj Finance Ltd.
proviso . shall
C
1.58
Bright District Collector Para 3.1
1.59
NKGEB Coop Bank Subir Chakravarty
R D Jain Capital First Ltd.
Standard Chartered Bank V Noble Kumar
Citibank Sudeep Singh
Saraswat Cooperative Bank Ltd State of Maharashtra
Para 3.1
Punjab and Sind Bank Gemini Fashions
Tensile Steel Ltd. Punjab and Sind Bank Trade Well Indian Bank Mrs Sunanda Kumari Standard Chartered Bank
-
-
Asset Recovery Corporation of India State of Maharashtra
Liladhar Ladappa Solapur Janata Sahakari Bank-
Balkrishna Rama Tarle Dead through LRS Phoenix ARC P. Ltd.
Solaris Systems Oriental Bank of Commerce
Aboobacker Punjab National Bank
-
-
3.1-3 Display of information of assets taken over on website of Bank/FI
-
3.2 Procedure in respect of movable secured asset
Panchnama
Panchnama
Para 3.2 1.60
panchnama
Property subject to decay
proviso
Debt not secured by negotiable instrument a
Shares in a body corporate
Other movable property not in possession of borrower
1.61 Para 3.2
Para 3.2
c
Possession of assets by possession of documents of title
iv
3.2-1 Valuation of movable secured asset if considered necessary
However, in case of immovable property, valuation by approved valuer and fixing of reserve price is mandatory
3.2-2 Sale of movable secured assets including through e-auction mode
1.62
1.63 Para
presumably to enable him to pay dues within that time, but practically, he may use that time to dispose of asset or try to obtain a stay
may
if any Proviso
Proviso
proviso 3.2
both Mathew Verghese M Amritha Kumar
Second notice when can be considered as continuation of first notice S Karthik N Subhash Chand Jain
3.2-3 Transfer of mortgage, hypothecation or pledge of movable property or right or interest in security
-
l iii iv iii l iv State Financial Corporation Jagdamba Oil Mills Punjab Financial Corpn. Surya Auto Industries prima facie Para 3.2 1.64
3.3 Procedure in respect of sale of immovable secured asset panchanama
Constructive possession of property
Hindon Forge State of Uttar Pradesh
1.65
Para 3.3
Gupta
P Shetty Hotel Vandana Palace
proviso
State Bank of India Santosh
Vasu
3.3-1 Valuation of immovable secured asset
3.3-2 Procedure for Sale of immovable secured assets
India UOI
Sea Plast
Para 3.3 1.66
Public
notice for sale of immovable property
Proviso shall
J
Rajiv Subramaniyan Pandiyas
Lalit
Mohan Aggrawal Andhra Bank
Proviso
1.67
Para 3.3
SARFAESI & DEBTS RECOVERY LAW MANUAL
AUTHOR : TAXMANN'S EDITORIAL BOARD
PUBLISHER : TAXMANN
DATE OF PUBLICATION : FEBRUARY 2024
EDITION : 2024 Edition
ISBN NO : 9789357786553
NO. OF PAGES : 712
BINDING TYPE : PAPERBACK
DESCRIPTION
Rs. 1545 USD 21
This book is a comprehensive resource on the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) & Recovery of Debts and Bankruptcy Act, 1993 (Debts Recovery Laws). It contains topic-wise commentary & statutory laws (i.e. Acts, Rules, Circulars & Notifications, etc.) on SARFAESI & Debt Recovery Laws.
This book is an essential resource for legal practitioners, scholars, and anyone interested in the intricacies of SARFAESI and Debt Recovery Laws.
The Present Publication is the 2024 Edition and has been amended up to 15th February 2024. This book is edited by Taxmann's Editorial Board, with the following coverage:
• SARFAESI
oOver 120 pages of topic-wise commentary covering various aspects of the SARFAESI Act, including its overview, enforcement of security interest, asset sale procedures, applications, appeals, penalties, securitisation, asset reconstruction companies, and registration of transactions
oThe text of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, along with a subject index for easy navigation
oIncorporates the Securities Interest (Enforcement) Rules, 2002, the Central Registry Rules, 2011, and the Tribunal Reforms Act, 2021
oA comprehensive compilation of Circulars, Directions, Notifications, and Orders, including the RBI Directions of 2021, Master Circular on Asset Reconstruction Companies, and relevant circulars and notifications under the SARFAESI Act
oNotifications and Case Laws relevant to SARFAESI
• Debt Recovery Laws
oAn 80-page commentary on Debt Recovery Laws, discussing the background of the RDB Act, processes for applying to the DRT for debt recovery, the functioning of Debt Recovery Tribunals and Appellate Tribunals, recovery post-order, tribunal powers and limitations, and applicable RBI directions on stressed assets resolution
oThe text of the Recovery of Debts and Bankruptcy Act, 1993, supplemented with a subject index
oRules governing the operational and administrative aspects of Debts Recovery Tribunals and Appellate Tribunals, including procedures for appointment and investigation of presiding officers, electronic filing rules, and refund of court fees
oNotifications and Case Laws relevant to Debt Recovery Laws
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