x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Zulfkar seeks cooperation of media for projection of J&K's positives | Militants make appearance at Sabzar Bhat's funeral | Charges against Cop in illegal gratification case | Tourists biggest brand ambassadors of J&K: Mehbooba | 2 moderate intensity tremors hit J&K | Duo rape accused denied bail | Stone pelters damage Jammu bound tourist vehicles in Valley | Four held with 6gms Heroin | Alleging life threat from his in-laws, Sub Judge seeks security cover | EO Udhampur lands in Vigilance net | Bar & Wine Traders Asso Ladakh moves to Apex Court seeking modification on 'Sikkim pattern' | Adhocism or nepotism: 'influential orderly' handling affairs of five Panchayats, who cares? | Police yet to trace missing KP constable Sameer, ailing parents' pleas remain unheard | Forget probe in PHE scam, babus visit LoC village for picnic | Why are J&K Cong leaders silent on Kerala sacrilege act? | Apprehending trouble from NIA probe, Geelani trains guns on Abdullahs again | Shutdown, protest call evokes no response in absence of money | BJP Ministers' Saturday sitting in office a formal exercise, eyewash for public | Infighting intensifies after constituency assigned to Priya Sethi | JMC conducts Thematic Drive in and around Mosques | Fire engulfs electronic shop | Martyrdom of Shri Guru Arjan Dev ji remembered | NPSU demands cancellation of India-Pakistan match | SKUAST-J alumni elect office bearers | ‘World no Tobacco Week' entered 4th day, IGGDC organizes a lecture | Fully prepared to ensure peaceful pilgrimage: DGP | Influential doc gets transfer order modified within 6 months | Govt to DCs : 'Don't transfer land to depts without due approval' | Aspirant 'manipulates seniority list' | Chowki officer 'strikes deal with drug peddlers' | Violating HC order, FPF grants promotions from stayed seniority list | Former Hurriyat constituent welcomes Rajnath's statement | Make design of Govt deptts compatible with their functioning, CM to planners | NC President at it again, hails Narendra Modi | Pak funding to Separatists | State land encroached in Rajouri, courtesy nexus of Revenue/Municipal officials | CEO suspends entire staff of middle school for 'irregularities' | Rana holds meet with police officers, calls for stern action against drug peddlers | ACD, BDO remain 'absent' from duties | Jan alleges GREF of poor quality work, unapproved road alignments | Many schools damaged by wind storm in Gundna Zone | Storm damages high school building, roof top blown away, students sit under open sky | Youth Association for Service of Humanity and Nation launched | 900 Kgs Lahan, 40 pouches of illicit liquor destroyed | Power shutdown | Jat biradari keeps celebration alive to welcome Manmohan Singh | SOS Hermenn Gmeiner school held investiture ceremony | Week long workshop concludes | DPS students top in 12th CBSE exams | DPS organizes badminton competition | ReT teachers gear up for a big protest if salary issue not settled | JSS students bring laurels to school | JKPS celebrates Toddlers' birthday | MWA holds general body meet | Anti polythene drive: Police seizes 130 Qtls of polythene carry bags, two held | Dharna suspended for 3-months | NPP will not allow change of demography of Jammu: Mankotia | Pathania flags off anti-polythene rally | Deep Rooted Jihad | Anatomy of Corruption and Tools to Handle It | Despite showcasing his successes Kashmir and north east region perturb Modi | Back Issues  
 
news details
'Civil court lacks jurisdiction to enforce security interest over secured assets'
5/18/2017 11:22:04 PM
Early Times Report
Jammu, May 18: Additional sessions judge, Jammu, Shahzad Azeem today said there 'remains no doubt that civil court lacks jurisdiction to enforce security interest of secured creditor over secured assets. This power exclusively lies with DRT under section 17 of SARFAESI Act, and in J&K is exercisable by the court of district judge, having jurisdiction over the borrower in terms of section 17-A of the Act'.
The court directive came in an appeal filed by one Garu Ram under section 17-A of SARFAESI Act against the February 02, 2017 notice under section 13(4) of the Act by respondents.
The judge said section 17 (17-A in J&K) of SARFAESI Act 'empowers an aggrieved person (including borrower) to make application against any of the measures referred in section 13 (4) of the Act and DRT (court of District Judge) shall consider whether any of these measures taken by the secured creditor are in accordance with the provisions of this act and the rules made thereunder. If it is found that the measures are not in accordance with the provisions of this Act and the rules made thereunder, inter alia, it may by order require restoration of the management of the borrower's business or restoration of the possession of his secured assets. Therefore, for enforcing security interest over the immoveable property, taking over possession of secured assets is sine-qua-non, and it is only, thereafter, debt can be realized by auction or other modes available to the secured creditor'.
With these observations, the court held that the impugned notice, under challenge 'proceeds on the premise that owners of the property were directed by the authorized officer of the concerned bank to handover the possession of the secured assets within 30 days'. "Therefore, from the tone and tenor of the notice under challenge it is obvious that only the applicant is asked to handover the vacant possession of the property in question. Thus, it cannot be said that the measure as envisaged under section 13(4) of SARFAESI Act has yet been taken. Therefore, for this reason appeal is not maintainable," the court directed.
  Share This News with Your Friends on Social Network  
 
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU