https://www.taxtmi.com/caselaws?id=471535 SARFAESI enforcement under Section 13 is confined to a secured creditor enforcing security against a borrower whose financial assistance originated from a bank or financial institution. The statutory definitions of borrower, financial assistance, secured creditor and security interest do not extend this recovery mechanism to debts originally advanced by a non-banking financial company. Acquisition of such debt and its security by a bank, although potentially permissible as a banking activity, does not alter the debt's origin or expand the statutory borrower class. A bank therefore cannot invoke Section 13 to enforce security assigned by a non-banking financial company. en-us Thu, 16 Jul 2015 00:00:00 +0530 Tue, 08 Sep 2026 13:08:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471535 SARFAESI enforcement under Section 13 is confined to a secured creditor enforcing security against a borrower whose financial assistance originated from a bank or financial institution. The statutory definitions of borrower, financial assistance, secured creditor and security interest do not extend this recovery mechanism to debts originally advanced by a non-banking financial company. Acquisition of such debt and its security by a bank, although potentially permissible as a banking activity, does not alter the debt's origin or expand the statutory borrower class. A bank therefore cannot invoke Section 13 to enforce security assigned by a non-banking financial company. Case-Laws Indian Laws Thu, 16 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471535