Securitisation and Reconstruction (SARFAESI Act)

SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI)

(Last Updated on 17 November, 2020)

SARFAESI – On deposit of amount as per directions of the Court the account of the petitioners were regularized – Had again been declared NPA on account of default – After the declaration of NPA afresh, fresh proceedings are to be initiated under the SARFAESI Act and the previous action, which is under challenge before this Court, would need no adjudication - A fresh cause of action would arise in favour of the petitioners after the initiation of fresh proceedings under the SARFAESI Act on account of their account being declared as NPA.

(2021-2) PLR 574