Unit V · Law of Banking and Negotiable Instruments

Enforcement of security interest

Study aid only. Confirm statute numbers with the current bare Act and the official OU LL.B. (3-YDC) 2024–25 syllabus PDF.

Statute sections

Act / instrument	Section	Name
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002	13	Enforcement of security interest
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002	14	Chief Metropolitan Magistrate or District Magistrate to assist taking possession
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002	17	Application against measures to recover secured debt
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002	18	Appeal to the Appellate Tribunal

(2004) 4 SCC 311 · Supreme Court of India

SARFAESI was largely upheld; the condition of depositing 75 per cent before the DRT could entertain an appeal was struck down as onerous.

(2010) 8 SCC 110 · Supreme Court of India

Writ courts should not interdict SARFAESI recovery when an efficacious statutory appeal under section 17 is available.

(2013) 9 SCC 620 · Supreme Court of India

Section 14 assistance for possession is a ministerial statutory power; the magistrate is not to adjudicate the bank's claim on merits.