provisions of the RDDB Act. Section 35 of the
SARFAESI Act states that the provisions of the
SARFAESI Act will have overriding effect
notwithstanding anything ... Act not being inconsistent
with the provisions of the SARFAESI Act , the
application of both the Acts, namely, the
SARFAESI Act and the RDDB Act
financial institution whether notice
under section 13(2) of the NPA Act is
given or not and whether the secured assets
fall within his jurisdiction ... Act excludes the application of
Sections 13 and 14 thereof to the case on
hand.
2. CMM/DM acting under Section 14 of
the NPA
borrower in terms of Section 13(4) of the NPA Act
comprehends the power to take actual possession of the immovable
property". The Court ... appropriated to the satisfaction of the debt (charges).
Basically, the NPA Act deals with the former type of securities under
which the secured creditor, namely
respondent to classify the
loan account as NPA.
4. After declaration of the loan account as NPA, the 2nd
http://www.judis ... being the Authorised Officer of the 1st respondent,
initiated proceedings under SARFAESI Act, 2002 , and issued a notice
on 18.07.2008 demanding payment
enactment of NPA Act is, therefore, not in derogation of the DRT Act . The NPA Act removes the fetters which were in existence ... State Financial Corporations Act, 1951 ("SFC Act"), in particular Sections 29 and 31 thereof. The NPA Act proceeds on the basis that
Act, 1993 (D.R.T. Act ) can still invoke the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act ... Section 19(1) of the DRT Act is to align the provisions of DRT
Act, the NPA Act and Order XXIII, CPC . Let us assume
Act, 1993 (D.R.T. Act ) can still invoke the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act ... Section 19(1) of the DRT Act is to align the provisions of DRT
Act, the NPA Act and Order XXIII, CPC . Let us assume
borrower in terms of Section 13(4) of the NPA
Act comprehends the power to take actual possession of the immovable
property". The Court ... appropriated to the satisfaction of the debt (charges).
Basically, the NPA Act deals with the former type of securities
under which the secured creditor, namely
appropriated to the satisfaction of the debt (charges). Basically, the NPA Act
deals with the former type of securities under which the secured creditor,
namely ... property concerned. It is for this
reason that the NPA Act ousts the intervention of the courts/ tribunals.
74. Keeping the above conceptual aspect
Section 19(1) of the DRT Act is
to align the provisions of DRT Act, the NPA Act and
Order XXIII CPC . Let us assume ... standard/ loss, in such a case the bank
can invoke the NPA Act with or without the permission
of the DRT. One cannot lose sight
