Sarfaesi act
preet
(Querist) 31 December 2012
This query is : Resolved
in a certain recent case of high court , there is a judgement that bank could not recover the agency recovery charges from the party,if party pays all the dues before auction voluntarly.please tell me the name of that judgement.
ajay sethi
(Expert) 31 December 2012
you can get all judgementsyou desire at indian kanoon website
R.K Nanda
(Expert) 31 December 2012
search legal web sites.
preet
(Querist) 31 December 2012
Sir, but what can I write in search box for this
ajay sethi
(Expert) 31 December 2012
unable to find said judgement .
RAJU O.F.,
(Expert) 31 December 2012
Please verify decision dt.20-10-2011 of High Court of Punjab and Harayana at Chandigarh in Civil Writ Petition No:11662 of 2010 against State Bank of India
c.p.s. ramachary
(Expert) 31 December 2012
If you peruse the entire SARFAESI Act and the Rules framed thereunder, there is no specific mention about recovery agency/agency recovery charges. Recovery agency charges do not come under the fold of expenses or charges or costs incurred by secured creditor in connection with the action taken under the SARFAESI Act. Recovery Agency is a separate machinery employed by banks/secured creditors for collection of their dues by outsourcing this force. if Recovery agent's charges can be claimed it can be only by way of suit(s) if the loan documents stipulate so. RBI issued circular for out sourcing of recovery agency. But do not get confused it with re-possessors whom the secured creditors engage for holding physical possession of secured assets.
