Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - s.13(4) and s.17 - Jurisdiction of Debts Recovery Tribunal (DRT) to interfere with the action taken by secured creditor in terms of s.13(4) - Held: Action taken by secured creditor in terms of s.13(4) is open to scrutiny and can not only be set aside but even the status quo ante can be restored by the DRT.
The present appeals arise out of action take by secured creditor in terms of Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The main question which arose for consideration in the present appeals was whether the Debts Recovery Tribunal (DRT) would have jurisdiction to consider and adjudicate with regard to post Section 13(4) events or whether its scope in terms of Section 17 of the SARFAESI Act would be confined to the stage contemplated under Section 13(4). An additional question with regard to maintainability of the appeal also arose for consideration before this Court.
Citation:2009 (8) SCC 366
