Supreme Court of India
Kotak Mahindra Bank Ltd. v. Trupti Sanjay Mehta
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What the Court ordered
We hold that KMBL was legally entitled to invoke the provisions of Section 14 of the SARFAESI Act to take over the physical possession of the secured property.
Judgment, page 28
From the headnote
in these appeals is whether a bank, as defined by Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest, Act, 2002, can take recourse to the provisions thereof for recovery of a debt assigned to or taken over by it from a financial entity that was not governed by the SARFAESI Act at the time of creation of such debt. 1 For short, 'the SARFAESI Act' 2. In Civil Appeal No. 8531 of 2015, Kotak Mahindra Bank Limited (KMBL) is the appellant.
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