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SUPREME COURT HOLDS STATUTORY TIME LIMIT STIPULATED UNDER SARFAESI ACT TO BE DIRECTORY IN NATURE

Recently, a Three-Judge Bench of the Hon’ble #SupremeCourt of India in the case of C. Bright v. District Collector, Civil Appeal No. 3441 OF 2020, passed a Judgment dated 05.11.2020 and upheld an Order dated 19.7.2019 passed by the Division Bench of the #Kerala High Court, wherein it was held that Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘#SARFAESI Act’), which mandates the District #Magistrate to pass suitable orders for taking #possession of a #securedasset within 30 days, is not a mandatory provision.

To read more, please visit the link below:

http://www.theindianlawyer.in/blog/2020/11/09/supreme-court-holds-statutory-time-limit-stipulated-under-sarfaesi-act-to-be-directory-in-nature/

#sarfaesi #possession #directory #supremecourt #lawyered #getlawyered #himanshugupta


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