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Supreme Court of India

Nkgsb Cooperative Bank Limited v. Subir Chakravarty & Ors.

Neutral citation
Reported as [2022] 1 S.C.R. 1177
Bench A. M. Khanwilkar and C. T. Ravikumar JJ.
Decided 25 February 2022

INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.

What the Court ordered

We hold that it would be open to the CMM/DM to appoint an 57 (2010) 5 SCC 622 58 (1973) 1 SCC 216 59 (2014) 3 SCC 502 60 (2019) 20 SCC 47 61 for short, “CJM” NKGSB COOPERATIVE BANK LTD. v.

Judgment, page 37

From the headnote

Securitisation and Reconstruction of Financial Asse ts and Enforcement of Security Interest Act, 2002: s.14(1A ) – Power of CMM/DM to appoint and authorize an advocate to take possession of the secured assets and documents and to forward the same to t he secured creditors by virtue of s.14(1A) of the 2002 Act – Held: Purpose of the 2002 Act is to empower the financial instituti ons to manage the non performing assets by adopting measur es for recovery or reconstruction – s.13(4) states that whe n a default is committed by the borrower in discharging his liabilit y in full, the secured

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