The Revival of Ray LXXII

Two-Judge Bench of Mathew Varghese v. M. Amritha Kumar, (2014) 5 SCC 610 has heavily relied on Three-­Judge Bench of Narandas Karsondas v. S.A. Kamtam, (1977) 3 SCC 247. Court held, there was no reason as to why general principle laid down in Narandas Karsondas, with reference to Section 60 of The Transfer of Property Act, 1882, could not have application in respect of a secured interest in a secured asset created in favour of a secured creditor. It has been held, said principles will apply on all fours in respect of a transaction under provisions of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Hon’ble Justice B.R. Gavai, S. Karthik v. N. Subhash Chand Jain, [Civil Appeal Nos. 5920-5923 of 2021].