Provisions of SARFAESI Act 2002 would be applicable on all debts live and enforceable at time of enforcement of Act 2002

Last updated: 08 November 2022

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Quick Summary

The Supreme Court has ruled that the SARFAESI Act, 2002, applies to all debts that were live and enforceable at the time the Act came into force. This means financial institutions can use the Act's provisions for existing debts, even if the loan agreement or mortgage was created before the Act was applicable to them. The court also confirmed that arbitration proceedings and SARFAESI Act proceedings can run concurrently.

Court :
Supreme Court of India

Brief :
The proceedings under Arbitration & Reconciliation Act, 1996 and SARFAESI Act, 2002 can go hand in hand and matters on which SARFAESI Act,2002 are applicable can be referred to the Arbitration. The court further held that the provisions of SARFAESI Act,2002 would be applicable on all debts live and enforceable at the time of enforcement of the Act,2002.

Citation :
Civil Appeal No. 15147 of 2017 (Arising out of SLP(C) No.19559 of 2017)

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Judgement posted by

FCS Deepak Pratap Singh

Associate Vice President - Secretarial & Compliance (SBI General Insurance Co. Ltd.)

Dear Friends, MyselfFCSDeepak P. Singh ( B.Sc.. LLB, FCS. FIII, CIAFP, CRMP, ID) , A Fellow Member of ICSI, Law Graduate ,Fellow Member of Insurance Institute of India, Certified Independent Director ,Certified Insurance Anti Fraud Professional , Certified Risk Governance Professional ( ICSI-III) and cleared Limited I ... Read more

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