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The extension of the mandate of the arbitral tribunal provided in Section 29A(3) of the Arbitration and Conciliation Act, 1996, is a question of law which has invited varied and diverging views of the...
Published On: 01/10/2023
Practice Area: Dispute Resolution, Insolvency & Restructuring
Authors:
Padmaja Kaul
Yugank Goel
Tanya Manglik
On 21 September 2023, the Supreme Court of India provided much needed clarity on interpretation of Section 13(8) of the SARFAESI Act, 2002, which was amended to permit borrowers to redeem mortgaged property from banks and secured creditors, only up until the said mortgaged property is put up for public auction by a public notice for the secured creditor’s debt recovery. Earlier, these borrowers had the right to redeem their mortgaged property up until a registered contract of sale was executed between a secured creditor and an auction purchaser, which right has been drastically curtailed.
