NISHANT
Securitisation Application under Section 17(1) of the SARFAESI Act is maintainable only when actual/physical possession is taken by the secured creditor or the borrower loses actual/physical possession of the secured assets.
NISHANT MEHROTRA 8 Feb 2018

Securitisation Application under Section 17(1) of the SARFAESI Act is maintainable only when actual/physical possession is taken by the secured creditor or the borrower loses actual/physical possession of the secured assets.

Allahabad High Court :: Full Bench :: in M/s N.C.M.L. Industries Ltd. through Director and another Vs. Debts Recovery Tribunal, Lucknow and others :: Securitisation Application under Section 17(1) of the SARFAESI Act is maintainable only when actual/physical possession is taken by the secured creditor or the borrower loses actual/physical possession of the secured assets. Once the right to approach DRT matures and securitisation application under Section 17(1) is filed by the borrower, it is open to DRT to deal with the same on merits and pass appropriate orders in accordance with law.

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PRADIP NARAYANRAO SONPETHKAR   19 Jun 2021 11:08am
now this judgement is set aside by apex court
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Sanya Dua   24 Sep 2020 3:50pm
Please see judgement of the Hon'ble Supreme Court of India, i.e. M/S Hindon Forge Pvt. Ltd. vs The State Of Uttar Pradesh ... on 1 November, 2018
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