Legal Question in Banking Law in India
Securitisation Act -limitation
I would appreciate your valuable on the following. My client's Bank filed suit in the DRT in June 2000 and is still pending. Meanwhile Bank took action under Securitisation Act in 2004. My view is the Bank can not take action under the SARFACI since the debt was more than years old at the time SARACI came into force. There is limitation in the securisitisation act for 3 years. Whether Bank's earlier action in DRT keeps the debt alive and if so what is underlying principle. The New Act is silent on the existing suits pending when it came into force. 'Removal of difficulties' does not seem to cover this aspect. Awaiting your esteemed advice.
1 Answer from Attorneys
Re: Securitisation Act -limitation
You can look a new judgement of Supreme Court in the case of PNB decided in the month of Sept 2006 whereby all your questions have been answered and the Judgement of Punjab & Haryana High Court was set aside.
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