9911796707
TMI Blog2012 (7) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... tituted a proceeding for winding up before the Company Court, is a company registered as a Securitisation and Reconstruction company under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. DBS Bank Limited had granted a factoring facility/overdraft facility in the amount of Rs. 2.50 Crores to the Applicant Company under a letter of offer dated 18 July 2007. Upon acceptance by the Company, financial facilities were extended by the bank. The bank had issued a notice of demand on 15 September 2008 inspite of which the Company failed to pay its dues. The Bank has moved the Debt Recovery Tribunal for recovery of an amount of Rs. 2.46 Crores due as on 31 January 2009 together wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dustrial and Financial Reconstruction after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where financial assets have been acquired by any securitisation company or reconstruction company under sub-section (1) of section 5 of that Act : Provided also that on or after the commencement of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, where a reference is pending before the Board for Industrial and Financial Reconstruction, such reference shall abate if the secured creditors, representing not less than three-fourth in value of the amount outstanding against financial assistance disbursed to the borrower ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the commencement of the Securitisation Act, 2002 under Section 5(1). The expression "financial asset" is defined in Section 2 (l) as follows : (l) "financial asset" means debt or receivables and includes- (i) a claim to any debt or receivables or part thereof, whether secured or unsecured; or (ii) any debt or receivables secured by, mortgage of, or charge on, immovable property; or (iii) a mortgage, charge, hypothecation or pledge of movable property; or (iv) any right or interest in the security, whether full or part underlying such debt or receivables; or (v) any beneficial interest in property, whether movable or immovable, or in such debt, receivables, whether such interest is existing, future, accruing, conditional or co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection (1), any suit, appeal or other proceeding of whatever nature relating to the said financial asset is pending by or against the bank or financial institution, save as provided in the third proviso to sub-section (1) of section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) the same shall not abate, or be discontinued or be, in any way, prejudicially affected by reason of the acquisition of financial asset by the securitisation company or reconstruction company, as the case may be, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the securitisation company or reconstruction company, as the case may be. 8. In the present case, the order of the learned Singl ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
