Tuesday, November 15, 2016

Secured creditor under SARFAESI Act can recover its dues even if such rights had seized under other Act

The High Court of Bombay held that a secured creditor, as defined under provisions of SARFAESI Act can exercise its statutory rights under section 13 thereof notwithstanding fact that borrower has got a notification issued in its favour under provisions of Maharashtra Relief Undertakings (Special Provisions) Act, 1958, (BRU Act,) which suspends all its obligations and liabilities to secured creditor.

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