Sarfaesi act
Legal_Query
(Querist) 27 September 2011
This query is : Resolved
Dear Sir,
wld u pls explain the outcome of the judgment in - ICICI Bank Ltd. v. Official Liquidator of APS Star Industries Ltd. and Ors. (AIR 2011 SUPREME COURT 1521).
has the SC limited the applicability of SARFAESI Act only to SPV companies created only to deal in debt purchasing and not on the Banking Companies as defined under BR Act.
wld a banking company not registered under the SARFAESI Act can file a claim before the DRT under section 13 of the SARFAESI Act.
any further explainations wld be appreciated
thanking u all in anticipation of ur clarifications
R.Ramachandran
(Expert) 27 September 2011
The Supreme Court was concerned with the query:
"Whether inter se transfer of Non Performing Assets ("NPA" for short) by banks is illegal under Banking Regulation Act, 1949 ("BR Act, 1949" for short) as held by the Gujarat High Court in the impugned judgment?"
The Supreme Court held that: "it cannot be said that "transfer of debts/NPAs" inter se between banks is an activity which is impermissible under the BR Act, 1949.
Consequently, the Supreme Court set aside the impugned judgment passed by the Gujarat High Court.
Other than this, the Supreme Court has not done anything in the judgment in quetion.
Raj Kumar Makkad
(Expert) 27 September 2011
I do agree with the contents of ibid judgment putforh by Ramachandran.
prabhakar singh
(Expert) 29 September 2011
i agree with view expressed by Mr.Ramachandran on the basis of judgement of apex court.
