SARFAESI Act and woes of the ‘abated' | Business Line

SARFAESI Act and woes of the ‘abated' | Business Line



In India, as SARFAESI Act was passed, a primacy was given to the proceedings. That is, even if sickness revival proceedings were going on, a secured creditor could still seize and sell assets without the intervention of any judicial authority, not to speak of the BIFR. This itself, in principle, is highly strange.