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Credit Recovery Laws for Banks
What does the term 'security interest' under the SARFAESI Act, 2002 mean?
It means any security created over movable, immovable or intangible property to secure repayment, treated as an interest of the lender, regardless of the form in which it is created.
Under Section 17 of the SARFAESI Act, before which forum must a borrower challenge a bank's possession action?
Debt Recovery Tribunal (DRT) under Section 17.
Which landmark judgment recognised the concept of 'security interest' under SARFAESI and clarified that the form of creation is irrelevant?
The Mardia Chemicals judgment recognised that any security created over movable or immovable property is treated as Security Interest, and the form and manner of creation is irrelevant — only the substance of the transaction matters.
What is the duration of moratorium under Section 14 of IBC, 2016 during insolvency resolution before NCLT?
180 days during the pendency of insolvency resolution process.
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