Supreme Court · 2011 INSC 106 · Decided 7 February 2011
Kanaiyalal Lalchand Sachdev and ORS. v. State of Maharashtra and ORS.
- Court
- Supreme Court of India
- Citation
- 2011 INSC 106 · [2011] 2 S.C.R. 602
- Case number
- CRIMINAL APPEAL No. 338/2011
- Decided
- 7 February 2011
- Bench
- D.K. JAIN, H.L. DATTU (2-judge bench)
- Outcome
- Dismissed
- Case type
- Criminal
- Acts & sections cited
- Constitution Article 226, 227; Transfer of Property Act Section 69, 69A
Headnote
Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: s. 17 - Default in C repayment of secured debt - Notice issued u/s. 13(2) to borrower to discharge liability -Application u/s. 14 by secured creditor before Magistrate for taking possession allowed - Writ petition by borrower/ guarantors before High Court, dismissed on the ground that an D alternative remedy was available to them uls. 17 - On appeal, held: s.13(4) provides that if borrower fails to discharge his liability within the period specified in s. 13(2) then secured
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