The case involves a Special Leave Petition filed against an order of the High Court of Judicature at Bombay. The High Court had allowed a writ petition by Phoenix ARC Private Limited (respondent No. 1), a secured creditor, and set aside an order of the designated authority under Section 14 of the SARFAESI Act. The designated authority had declined to assist the secured creditor in taking possession of secured assets, pending termination of tenancy rights claimed by Balkrishna Rama Tarle (the original respondent No. 2 and now represented by legal heirs). Religare Finvest Ltd. had originally sanctioned a loan to borrowers, secured by a mortgage. Upon default, Religare classified the account as NPA and issued a notice under Section 13(2) of the SARFAESI Act. Religare then
…Religare Finvest Ltd. sanctioned a loan of Rs. 6 crores to borrowers, secured by a registered mortgage. The borrowers defaulted, leading Religare to classify the account as a Non-Performing Asset (NPA). Religare issued a notice dated 2018-04-13 under Section 13(2) of the SARFAESI Act. On 2018-09-29, Religare assigned its rights to Phoenix ARC Private Limited (respondent No. 1). Phoenix ARC, as the secured creditor, issued a notice dated 2019-05-21 under Section 13(2) of the SARFAESI Act and took symbolic possession of the secured assets on 2019-09-21. The petitioner, Balkrishna Rama Tarle (original respondent No. 2), claimed to be a tenant in respect of a portion of the secured assets and sought to intervene in proceedings under Section 14 of the SARFAESI Act. The
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Religare Finvest Ltd. issued a notice under…
Religare Finvest Ltd.…
The case involves a Special Leave Petition filed against an order of the High Court of Judicature at Bombay. The High Court had allowed a writ petition by Phoenix ARC Private Limited (respondent No. 1), a secured creditor, and set aside an order of the designated authority under Section 14 of the SARFAESI Act. The designated authority had declined to assist the secured creditor in taking possession of secured assets, pending termination of tenancy rights claimed by Balkrishna Rama Tarle (the original respondent No. 2 and now represented by legal heirs). Religare Finvest Ltd. had originally sanctioned a loan to borrowers, secured by a mortgage. Upon default, Religare classified the account as NPA and issued a notice under Section 13(2) of the SARFAESI Act. Religare then
…Religare Finvest Ltd. sanctioned a loan of Rs. 6 crores to borrowers, secured by a registered mortgage. The borrowers defaulted, leading Religare to classify the account as a Non-Performing Asset (NPA). Religare issued a notice dated 2018-04-13 under Section 13(2) of the SARFAESI Act. On 2018-09-29, Religare assigned its rights to Phoenix ARC Private Limited (respondent No. 1). Phoenix ARC, as the secured creditor, issued a notice dated 2019-05-21 under Section 13(2) of the SARFAESI Act and took symbolic possession of the secured assets on 2019-09-21. The petitioner, Balkrishna Rama Tarle (original respondent No. 2), claimed to be a tenant in respect of a portion of the secured assets and sought to intervene in proceedings under Section 14 of the SARFAESI Act. The
…Religare Finvest Ltd. issued a notice under…
Religare Finvest Ltd.…