45 days’ time limit for filing an application under section 17 of the sarfaesi act is meant for quick enforcement of security
On August 11, 2022, a two-judge bench of the Hon’ble Supreme Court in the case of Bank of Baroda vs Parasaadilal Tursiram Sheetgrah Pvt. Ltd. has observed that the time limit of 45 (forty-five) days prescribed under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is provided for quick enforcement of the security.
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