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DB issues various directions in SARFASI Act 1/4/2015 12:21:56 AM Early Time Report Jammu, Jan 3 : In hundreds of petition challenging the SARFASI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, Division Bench (DB) of High Court comprising Chief Justice MM Kumar and Justice DS Thakur issued various directions and fixed next date of hearing in first week on February. After hearing battery lawyers from both the sides, the Division Bench observed that Advocate Parveen Kapahi appearing for various Banks along with other counsel has brought to our notice a Gazette Notification dated 12/07/2012 issued by the Government of India, which amends Rule 8 of the Security Interest (Enforcement) Rules, 2002. According to the proviso added in the case of sale of immovable property in the State of Jammu and Kashmir, the provisions of J&K Transfer of Property Act, 1977 are to be applied to the persons who acquire such property in the State. Therefore, the basic reason cease to exist which persuaded the Bench to pass interim orders staying the operation of notice of demand issued under Sections 13(2) & 13 (4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest, Act 2002 and After perusing the aforesaid Notification, Division Bench inclined to vacate the stay orders. Division Bench further observed that counsel for the petitioners were confronted with the aforesaid situation; they have submitted that there are number of other issues including the effect of Registration Act which needed to be adjudicated upon. Division Bench after perusing the aforesaid notification, inclined to vacate the stay orders and directed that the matter be listed for hearing in the 1st week of February, 2015. However, Division Bench clarifies that in case no sale of immoveable property for effecting recovery is involved, and then there would be no impediment to insist on deposit of the loan amount due. (JNF)   Share This News with Your Friends on Social Network     Comment on this Story

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