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Showing contexts for: assignment lease in M.Nazneen vs The Authorised Officer on 28 July, 2017Matching Fragments
Heard the learned counsel for the parties and perused the materials available on record.
14. True that right to property, is a constitutional right under the Constitution of India. Borrower has suffered an order in O.A.No.438/1997 dated 31.01.2017. As per the provisions of the SARFAESI Act, 2002, bank is entitled to take any measures under Section 13(4) of the SARFAESI Act, 2002 such as (a) take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset; (b) take over the management of the business of the borrower including the right to transfer by way of lease, assignment or sale for realising the secured asset: PROVIDED that the right to transfer by way of lease, assignment or sale shall be exercised only where the substantial part of the business of the borrower is held as security for the debt: PROVIDED FURTHER that where the management of whole of the business or part of the business is severable, the secured creditor shall take over the management of such business of the borrower which is relatable to the security for the debt. (c) appoint any person (hereafter referred to as the manager), to manage the secured assets the possession of which has been taken over by the secured creditor; (d) require at any time by notice in writing, any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the secured creditor, so much of the money as is sufficient to pay the secured debt.