Multiple choice

Which of the following provisions of SARFAESI Act were amended in the year 2004 after the judgement of Supreme Court in Mardia Chemicals vs Union of India and others?

  1. Sec 17(2), relating to issue of possession notice of 60 days

  2. Sec 13(2), relating to issue of possession notice of 60 days

  3. Sec 17(2), relating to deposit of 75% amount by borrower before approaching DRT

  4. Sec 13(2), relating to deposit of 75% amount by borrower before approaching DRT
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

When the vires of the SARFAESI Act was challenged, the Supreme Court in Mardia Chemicals Ltd. vs. Union of India, (2004) 4 SCC 311 has upheld the validity of the SARFAESI Act, except Section 17(2) of the SARFAESI Act which required depositing of 75% of the amount claimed before entertaining an appeal under Section 17 of the SARFAESI Act.

Keep practicing — related questions