Deccan Chronicle: BIFR rejects appeal for declaring as sick unit - Moneylife

Deccan Chronicle: BIFR rejects appeal for declaring as sick unit - Moneylife



Deccan Chronicle APPEAL for sick unit rejected by BIFR .



DCHL made its reference (to BIFR) after action under Section 5(1) of the SARFAESI Act has been taken by JM Financial Asset Reconstruction Co Pvt Ltd and Pegasus Assets Reconstruction Pvt Ltd. This reference was, therefore filed in violation of Section 15(1) of the SICA, which states that, 'no reference shall be made to the BIFR after the commencement of the SARFAESI Act, where financial assets have been acquired by any securitization company or reconstruction company under sub-section (1) of the Section 5 of the Act'," the BIFR said in its order.