Supreme Court · 2022 INSC 44 · Decided 12 January 2022
Phoenix Arc Private Limited v. Vishwa Bharati Vidya Mandir & ORS.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 44 · [2022] 1 S.C.R. 950
- Case number
- CIVIL APPEAL No. 257/2022
- Decided
- 12 January 2022
- Bench
- M.R. SHAH, B.V. NAGARATHNA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 226; SARFAESI Act Section 13(4), 13(2), 17
Headnote
SARFAESI: Default in repayment of outstanding dues - Accounts of borrowers/respondents classified as Non Performing Asset - Bank issued notice u/s. 13(2) - NPA account of the borrowers / respondents with respect to the by them assigned by the Bank in favour of appellant - Borrowers failed to repay outstanding dues - Appellant issued letter intimating borrowers that they would proceed to take possession of the mortgaged properties after expiry of 15 days from the date of the said letter -
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