Supreme Court · 2020 INSC 633 · Decided 5 November 2020
C. Bright v. The District Collector & ORS.
- Court
- Supreme Court of India
- Citation
- 2020 INSC 633 · [2020] 7 S.C.R. 997
- Case number
- CIVIL APPEAL No. 3441/2020
- Decided
- 5 November 2020
- Bench
- L. NAGESWARA RAO, AJAY RASTOGI, HEMANT GUPTA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- SARFAESI Act
Headnote
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: s.14 - Whether mandatory or directory provision - Held: s.14 mandating the District Magistrate to deliver possession of a secured asset within 30 days, extendable to an aggregate of 60 is a directory provision - The purpose of enactment of the 2002 Act was to provide a machinery for empowering banks and financial institutions, so that they may have power to take possession of secured assets and to sell them - Keeping the objective of the Act in mind, the time
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