Advocate Sushila
SUPREME COURT HOLDS STATUTORY TIME LIMIT STIPULATED UNDER SARFAESI ACT TO BE DIRECTORY IN NATURE

SUPREME COURT HOLDS STATUTORY TIME LIMIT STIPULATED UNDER SARFAESI ACT TO BE DIRECTORY IN NATURE

Recently, a Three-Judge Bench of the Hon’ble #SupremeCourt of India in the case of C. Bright v. District Collector, Civil Appeal No. 3441 OF 2020, passed a Judgment dated 05.11.2020 and upheld an Order dated 19.7.2019 passed by the Division Bench of the #Kerala High Court, wherein it was held that Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘#SARFAESI Act’), which mandates the District #Magistrate to pass suitable orders for taking #possession of a #securedasset within 30 days, is not a mandatory provision.

To read more, please visit the link below:

http://www.theindianlawyer.in/blog/2020/11/09/supreme-court-holds-statutory-time-limit-stipulated-under-sarfaesi-act-to-be-directory-in-nature/

#sarfaesi #possession #directory #supremecourt #lawyered #getlawyered #himanshugupta


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