secrutisation act

shrikant kankekar (Querist) 09 February 2010 This query is : Resolved
secrutization act canot be applied if suit is pending with debt recovery tribunal?

Follow Query

Report Abuse

Raj Kumar Makkad (Expert) 09 February 2010
Yes.

Guest (Expert) 09 February 2010
yes.

B K Raghavendra Rao (Expert) 09 February 2010
Securitization Act is a neck-squeezing enactment.

It can be enforced even if suit is pending before Debt Recovery Tribunal.

Under Section 13(1) of the Securitisation and Reconstruction of Financial assets and Enforcement of Security Interest Act (SARFAESI or popularly known as Securitisation Act) "Notwithstanding anything contained in Section 69 or Section 69 A of the Transfer of Property Act, any security interest created in favour of any secured creditor may be enforced WITHOUT THE INTERVENTION OF THE COURT OR TRIBUNAL, by such creditor in acordance with the provisions of this Act.

Therefore, Securitisation Act can be enforced even if suit is pending before Debt Recovery Tribunal.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries