CHANDRAGIRI ESTATES Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) Introduction:

(2.) The 1993 Act partially succeeded, if ever it did. To cure the systemic maladies, after a decade later, the Parliament brought another legislation: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFESI Act).

(3.) The latter, I reckon, complements the former: one is supposed to be speedy and the other expedient; but both, caught in the procedural cobwebs, still struggle to deliver. Here, I refer to these mouthful legal titles as the RDBFI Act and SARFESI Act.