action taken under Section 13(4) of the said Act, but not on a notice under Section 13(2) of the Act. It is also ... Securitisation Act cannot be stated to be an action under the Securitisation Act . Further, under Sub-section (4) of Section 13 of the Securitisation Act
section 17 of the Securitisation Act namely, to
consider whether any of the measures referred to under sub
section (4) of section 13 taken ... Section 34 would take in the
"measures" provided under subsection (4) of Section 13 of
the Securitisation Act. Consequently, if any aggrieved
Securitisation Act , except Section 17(2) .
9.However, the Supreme Court held that Section 17(2) of the
Securitisation Act which requires a pre-deposit ... making an application
under Section 17 of the Securitisation Act.
32. Section 17(1) of the Securitisation Act states:-
"Any person (including borrower), aggrieved
Act 2002 (hereinafter to be referred to as "the Securitisation Act "). After issuance of notice under Sub-section (2) of Section 13 ... Financial Institutions Act, 1993 (51 of 1993)
Section 35 of the Securitisation Act gives overriding effect to the provisions of the Act. Section 35 reads
Section 13 . The petitioner does not dispute the fact that the 1st respondent issued the notice under Section 13(2) of the Securitisation Act ... notice under Section 13(2) .
28. In the case on hand, the notice under Section 13(2) of the Securitisation Act, 2002 was issued
Securitisation Act of 2002. The same has been inserted as per section 41 of the
Securitisation Act. The third proviso to Section ... section 35 of
the Securitisation Act, although reference has been made to Sections 37 and 41
of the Securitisation Act. Failure to refer to Section
measures referred to in sub-section (4) of Section 13 of the
Securitisation Act, 2002 taken by the secured creditor ... measures, referred to in sub-section (4) of Section 13 of the
Securitisation Act, 2002, to make an application to the Debts
Recovery Tribunal having
secured creditor is entitled to undertake under
sub-section (4) of Section 13 of the Securitisation Act, the
borrower has to discharge its liability ... full' within the period
specified in sub-section (2) of Section 13 of the Securitisation Act.
It is therefore only logical to conclude that
Enforcement of Security
Interest Act, 2002 (for short, 'the Securitisation Act ') by issuing two
separate notices under section 13(2) of the Act ... continue with the securitisation
proceedings initiated as per the notices issued under section 13(2) of the
Securitisation Act in 2015, subject to the quantification
Section 34 of the Securitisation Act ousts the civil court
jurisdiction. For easy reference, we may extract Section 34 of the
Securitisation Act, which ... referred to in Section 34 would take
in the “measures” provided under sub-section (4) of Section 13 of the
Securitisation Act. Consequently
