Brief case: Sarfaesi rule clarified to speed up auction

A weekly selection of key court orders

M J Antony  |  New Delhi 

The Supreme Court has clarified the procedure to be followed by a secured creditor while pursuing its rights under the Security Interest (Enforcement) Rules against a defaulting borrower and his guarantors. While quashing the judgment of the Andhra Pradesh High Court in the case, Canara Bank vs Amarender, it stated that it is permissible to simultaneously issue notice to the borrower about the intention to sell mortgaged property and issue a public notice in newspapers about the proposed auction. The high court had held a separate notice with a gap of 30 days was required and simultaneous ...

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Brief case: Sarfaesi rule clarified to speed up auction

A weekly selection of key court orders

A weekly selection of key court orders The Supreme Court has clarified the procedure to be followed by a secured creditor while pursuing its rights under the Security Interest (Enforcement) Rules against a defaulting borrower and his guarantors. While quashing the judgment of the Andhra Pradesh High Court in the case, Canara Bank vs Amarender, it stated that it is permissible to simultaneously issue notice to the borrower about the intention to sell mortgaged property and issue a public notice in newspapers about the proposed auction. The high court had held a separate notice with a gap of 30 days was required and simultaneous ... image
Business Standard
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