hold as follows :-
(i) Under Chapter III of the Securitization Act, a
secured creditor has right to enforce security
interest without the intervention ... taken under Section 13(4) is not
in accordance with the Securitization Act or the
Rules framed thereunder, including the objection, if
any, raised that
Act.
(b) The measures taken under Section 14
amounts to measures taken under Section
13(4) of the Act.
(c) As the measures taken under ... taken under Section 13(4) is not in
accordance with the Securitization Act
or the Rules framed thereunder,
including the objection, if any, raised
that
under section 13(2)
of the Securitization and Reconstruction of
Financial Assets and Enforcement of
Securities Interest Act, 2002 (for short
"the SARFAESI Act ... Debts
Recovery Tribunal, Ahmedabad under Sec-
tion 17 of the Securitization Act."
13. Thus the decisions relied upon on behalf
of the respondent cannot
notice under
Section 13(2) of the Securitization and
Reconstruction of Financial Assets and
Enforcement Security Interest Act, 2002 (herein
Page 2 of 68
Downloaded ... would not suffice
to have benefit of section 13(8) of
Securitization Act. There must be actual
tender of amount to the satisfaction
respondent Bank issued a Notice under
Section 13(2) of the Securitization &
Reconstruction of Financial Assets and
Page 3 of 28
Downloaded ... Demand notice under
Section 13 (2) of the Securitization Act, 2002
against the property in question being secured
creditor to recover the secured dues/public
applicants or process
initiated by the respondent bank under
Securitization Act. So, in my humble
opinion, the contentions raised on behalf
of the applicants ... SARFAESAI Act independent of the
proceedings under the RDB Act and as such, the
proceedings initiated by the respondent-bank
under the SARFAESAI Act cannot
mortgage under the
Securitisation Act . The District
Magistrate dismissed the application of
the Bank under Section 14 of the Act.
The Division Bench while setting ... taken under Section 13(4)
is not in accordance with the
Securitization Act or the Rules
framed thereunder, including the
objection, if any, raised that
Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002
['SARFAESAI Act' for short] calling upon the
company and its director ... explain as to whether bank
can proceed under the SARFAESAI Act when
securitization application was pending and
the matter was sub judice as well
Enforcement of Security Interest Act, 2002 [hereinafter
referred to as "Securitization Act"], where the Chief Manager
in his capacity as Authorized Officer ... issuance of Notice in
writing under Sec. 13 (2] of the Securitization Act on
classification of the account under reference as '"Non-
performing
2025
undefined
respondent-authority under the provision
of the Gujarat Sales Tax Act, 1961 and the
consequential entries made in the revenue
record.
3. Brief ... Financial Assets And Enforcement Of
Security Interest Act, 2002
['Securitization Act' for short]. The said
land was originally converted into non-
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