We'Ken- International Journal of Basic and Applied Sciences

Open Access Open Access  Restricted Access Subscription Access

BALANCING OF INTERESTS OF BOTH CREDITORS AND DEBTORS - CRITICALANALYSIS OF JUDICIAL INTERPRETATION OF SARFAESI ACT 2002


Affiliations
1 N. S. Soti Law College, Sangli, Maharashtra, India
 

As a coin has two sides, a statutory provision / a rule is also capable of having more than one meaning and to ascertain the intended meaning of legislature is the province of sovereign courts. The statement of objects and reasons of SARFAESI Act 2002 throws ample light on intention of the legislature to legally empower the creditor in terms of enforcement of security interest. However any action – legislative or administrative, must live up to the standard of reasonableness and balance the conflicting interest. SARFAESI Act 2002 when enacted was perceived as draconian by the debtors and was also branded as absolutely Pro-creditor, therefore it becomes pertinent to examine whether the judicial pronouncements have an absolute Pro-Creditor interpretation or they have also protected the legal rights of borrowers.

Keywords

Debt Recovery, Creditors Protection, Security Interest
User
Notifications
Font Size

  • M.R.Umarji, Law & Practice Relating to Securitisation& Reconstruction of Financial Assets & Enforcement of Security Interest, Taxmann, (2006) 4th Edition

  • M.R.Umarji, Law & Practice Relating to Securitisation& Reconstruction of Financial Assets & Enforcement of Security Interest, Taxmann, 6th Edition, 2014.

  • . Vi n o dKo t h a ri , S e c u ri t is a t i o n ,Ass e t Reconstruction & Enforcement of security Interests : Lexis Nexis, 4th Edition, 2013.

  • K.Pandurang Rao, .Law relating Securitization & Reconstruction of financial assets & Enforcement of security interests : Asia Law House, 6th Edition, 2013.

  • K. Pandurang Rao, Law relating to Debt Recovery Tribunals , Asia Law House, 8th Edition, 2017.

  • Justice Srivastava A.B., Securitisation& Debt Recovery Laws along withallied acts& rules: Law Publishers (India) Pvt. Ltd, 6th Edition 2009.

  • S.N. Gupta, The Banking Law in Theory & Practice, Universal Law Publishing Co., 5th Edition in 3 Volumes, 2010.

  • Manish Gupta and Dr. NareshMalhotra “ A Comparative Study of SARFAESI Act 2002 and Other Tools Available For the Recovery of NPAs†, International Journal for Research in Applied Science & Engineering Technology (IJRASET) ISSN: 2321-9653; Volume 5 Issue XI No v emb e r 2 0 1 7 - - a v a il a b l e a t www.ijraset.com, last seen on 01/02/2018

  • V. Sekar, Dr. V. Balachandran, “ Implementation o f SARFAES I Ac t – S ome Iss u e s †International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421, Volume 2, No.1, January 2013, available at www.irjcjournals.org, last seen on 21-11-2015

  • Ajit Singh Cheema“ SARFAESI Act : DelayingTactics Used by the Borrowers†Bank Quest,The Journal of Indian Institute of Banking &Finance Vol. : 83 u No. : 1 January - March 2012(ISSN 0019 4921)

  • Dr.K.S.Ravichandran, “ Remedy against enforcement of security interest-options are limited†COMPANY CASES, Volume 157-2010 ( Journal)


Abstract Views: 130

PDF Views: 97




  • BALANCING OF INTERESTS OF BOTH CREDITORS AND DEBTORS - CRITICALANALYSIS OF JUDICIAL INTERPRETATION OF SARFAESI ACT 2002

Abstract Views: 130  |  PDF Views: 97

Authors

Amit M. Savadi
N. S. Soti Law College, Sangli, Maharashtra, India

Abstract


As a coin has two sides, a statutory provision / a rule is also capable of having more than one meaning and to ascertain the intended meaning of legislature is the province of sovereign courts. The statement of objects and reasons of SARFAESI Act 2002 throws ample light on intention of the legislature to legally empower the creditor in terms of enforcement of security interest. However any action – legislative or administrative, must live up to the standard of reasonableness and balance the conflicting interest. SARFAESI Act 2002 when enacted was perceived as draconian by the debtors and was also branded as absolutely Pro-creditor, therefore it becomes pertinent to examine whether the judicial pronouncements have an absolute Pro-Creditor interpretation or they have also protected the legal rights of borrowers.

Keywords


Debt Recovery, Creditors Protection, Security Interest

References





DOI: https://doi.org/10.21904/weken%2F2020%2Fv5%2Fi1%2F170765