Supreme Court · 2022 INSC 238 · Decided 25 February 2022
Nkgsb Cooperative Bank Limited v. Subir Chakravarty & ORS.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 238 · [2022] 1 S.C.R. 1177
- Case number
- CIVIL APPEAL No. 1637/2022
- Decided
- 25 February 2022
- Bench
- A.M. KHANWILKAR, C.T. RAVIKUMAR (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- CrPC; CPC; SARFAESI Act
Headnote
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: s.14(1A) - Power of CMM/DM to appoint and authorize an advocate to take possession of the secured assets and documents and to forward the same to the secured creditors of the 2002 Act - Held: Purpose of the 2002 Act is to empower the financial institutions to manage the non performing assets by adopting measures for recovery or reconstruction - s.13(4) states that when a default is committed by the borrower in discharging his liability in full,
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