Multiple choice

The constitutional validity of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act was questioned before the Supreme Court in which of the following cases?

  1. Transcore vs Union of India

  2. Mardia Chemicals vs Union of India

  3. Mardurai Chemicals vs Union of India

  4. Marshal Chemicals vs ICICI Bank

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Effective implementation of the SARFAESI Act was delayed by more than two years because several writ petitions were filed in the High Courts. The matter was finally decided by this Court in Mardia Chemicals vs Union of India (2004) 4 SCC311 and the validity of the SARFAESI Act was upheld except the condition of deposit of 75% amount enshrined in Section 17(2).