Civil Court has no jurisdiction to try suit apropos of SARFAESI proceedings due to statutory bar u/s 18 of RDDBI Act

FEMA amp; BANKING : Where due to non-payment of loan amount, account maintained by second and third respondents with petitioner bank was declared as non-performing assets and petitioner invoked provisions of SARFAESI Act and sold suit property, Civil Court had no jurisdiction to try suit filed by first respondent for bare injunction as against petitioner in view of statutory bar under section 18 of Recovery of Debts Due to Banks and Financial Institution Act, 1993FEMA amp; BANKING : Where due to non-payment of loan amount, account maintained by second and third respondents with petitioner bank was declared as non-performing assets and petitioner invoked provisions of SARFAESI Act and sold suit property, Civil Court had no jurisdiction to try suit filed by first respondent for bare injunction as against petitioner in view of statutory bar under section 18 of Recovery of Debts Due to Banks and Financial Institution Act, 1993www.taxmann.com Latest Case LawsRead More

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