SC Upholds Borrower Redemption Right, Sets Aside Delayed Auction Sale The dispute arose from recovery proceedings initiated by SARFAESI Act, 2002 after the borrower firm defaulted on a loan of Rs. 4 crore taken from Central Bank of India. The account was classified as an NPA, following which the bank initiated action under Section 13…
IBC Misuse to Stall SARFAESI Action: HC Intervenes Against Defaulters The dispute arose from recovery proceedings initiated by a bank against defaulting borrowers and guarantors in respect of a secured loan account. Despite issuance of notice under Section 13(2) of the SARFAESI Act as far back as March 2017 and multiple subsequent steps including symbolic…
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