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NCLAT stated that since the IBC overrides the SARFAESI Act, the Liquidator ought not to prefer a petition, based on the SARFAESI Act, and therefore Liquidator’s decision to classify the appellant as an unsecured financial creditor was illegal and invalid.
“The scope of writ jurisdiction cannot be allowed to trounce the statutory obligation, on the stratagem of efficacious alternate remedy.”
The Court said that Vistra ITCL (India) Ltd. would be treated as a secured creditor in terms of Section 52 and 53 of the IBC, and would be entitled to retain the security interest in the pledged shares.
![Landmark Judgments on Banking Laws [2022] Part I](/wp-content/uploads/2023/03/MicrosoftTeams-image-3-1-440x293.png)
by Siddharth R. Gupta†
Cite as: 2023 SCC OnLine Blog Exp 30
Supreme Court opined that instead of shifting the burden of proof on the secured creditor to prove that the secured property was not agricultural property, the Telangana High Court should have laid down the burden of proof on the borrowers.
Supreme Court: The bench of Indira Banerjee* and AS Bopanna, JJ has reversed the NCLAT order wherein it was held that the
Supreme Court: The Division Bench of L. Nageswara Rao and Vineet Saran*, JJ., quashed the confiscation order of Customs and Central Excise
by Rahul Chakraborti†, Prashamsha Tulachan†† and Saumya Agarwal†††
Cite as: 2022 SCC OnLine Blog Exp 27
Madras High Court: Sanjib Banerjee, J., addressed whether this Court is the appropriate forum to decide the quantum that can be forfeited
Supreme Court: The 3-judge bench of L. Nageswara Rao, Hemant Gupta* and Ajay Rastogi, JJ has upheld Kerala High Court’s decision holding
Appellate Tribunal for SAFEMA, FEMA, PMLA, NDPS and PBPT Act: Justice Manmohan Singh (Chairman) allowed an appeal filed by a consortium of
Supreme Court: The bench of AM Khanwilkar and Dinesh Maheshwari, JJ has held that the Chief Judicial Magistrate (CJM) is competent to
Supreme Court: In a case dealing with companies defaulting a loan of Rs. 48 Crores including interest from Kotak Mahindra Bank, the