Daljit Singh Tirath Singh Gurudatta & Anr. v. Kalpana Udaykant Surana & Ors.

…Appellant

…Respondent

Case No: Appeal No. 45/2023

Date of Judgement: 26/06/2023

Judges:

Mr. Justice Ashok Menon, Chairperson

For Appellant: Mr. Vishal S. Tambe, i/b Mr. Vijay Chandavale, Advocate.

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Facts:

Arguments by All Parties:

Cases Cited:

• Held that a subsequent assignee of the debt cannot invoke the provisions of the SARFAESI Act where the assignor, at the time of lending, was not an institution coming within the purview of the SARFAESI Act.

• Held that a subsequent assignee would also get the benefit of the SARFAESI Act regarding a prior debt entered into by an institution that did not come within the purview of the SARFAESI Act.

Writ Petition No. 11371/2014 (Bombay High Court)

• • Relied upon the decisions in MD Frozen Foods and Indiabulls Housing Finance Ltd., holding that the assignee would be entitled to proceed under the provisions of the SARFAESI Act irrespective of whether the assignor was a financial institution at the material time of creating the debt.
  • Sections and Laws Referred:

    Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)