Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 17 and 18 - Sale of secured asset by a secured creditor under the SARFAESI Act- Whether can be controlled by company court either directly or through an official liquidator - Held: There is no lacuna or ambiguity in the SARFAESI Act so as D to borrow anything from Companies Act 13 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 - ss. 9 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Disposed Off |
Headnote | Securitization and Reconstruction of Financial Assetsand Enforcement of Security Interest Act, 2002 - ss. 9, 13,17 and 18 - Sale of secured asset by a secured creditor underthe SARFAESI Act- Whether can be controlled by companycourt either directly or through an official liquidator - Held:There is no lacuna or ambiguity in the SARFAESI Act so as to borrow anything from Companies Act - The requiredprovisions of the Companies Act have been incorporated inthe SARFAESI Act for harmonizing this Act with theCompanies Act - Therefore, there is no reason to takerecourse to any provisions of the Companies Act and permitinterference in the proceedings under the SARFAESI Acteither by the Company Judge or the liquidator:- CompaniesAct, 1956 - Security & Interest (Enforcement) Rules, 2002.Auction - Auction-sale - Of secured asset -Confirmation of, by the court - Challenged on the ground that the consideration money did not reflect the correct valueof secured assets - Held: No illegality or irregularity wasestablished against the conduct of auction - Once it is foundthat the offer was fair in a competitive bid conducted fairlyand the same was accepted and sale confirmed, it would notbe proper for Supreme Court to undermine the value of suchauction sale |
Judge | Hon'ble Mr. Justice Shiva Kirti Singh |
Neutral Citation | 2015 INSC 947 |
Petitioner | Pegasus Assets Reconstruction P. Ltd. |
Respondent | M/s. Haryanaconcast Limited &anr. |
SCR | [2015] 15 S.C.R. 102 |
Judgement Date | 2015-12-29 |
Case Number | 3646 |
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