Dear all,
In the respect of section 15(1) proviso 3 of SICA it states "that a reference pending before BIFR shall stand abated if the secured creditor representing 3/4th in value of the amount outstanding against the financial assistance disbursed to the borrower or such secured creditors, has taken any measure to recover their debt under sec 13(4)"
In this respect I have two queations namely :-
a) What does the sentence Financial assistance disbursed mean ?? Does it mean that the amount which is referred to in its notice under section 13(4) of SARFAESI Act ??
b) What is the time period under which such "amount outstanding" shall be taken in consideration ?
Regards,
Sagnik Sanyal
“15. Re
