Monday, February 15, 2016

SARFAESI provisions override BIFR

The Supreme Court of India held that SARFAESI Act, 2002 prevails over the Sick Industrial Companies (Special Provisions) Act, 1985 to the extent of inconsistency therewith. Section 15(1)
proviso 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. Covers all references pending before the BIFR, no matter whether such reference is at the inquiry stage, scheme stage, or winding up stage.

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