Suman Khurana (Company Secretary) 17 August 2010
Hi
As per SARFAESI Act, secured creditor/asset reconstruction company (ARC) can go for recovery only against secured assets.
If there is any shortfall in recovery of secured debt by ARC then ARC can proceed only through DRT to recover shortfall against unsecured asset. This means that if ARC does not go through DRT then its (ARC) position in relation to Shortfall will be same as that of unsecured creditor.
Please give some case laws in support of the same.
Regards
DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE ) 17 August 2010
SARFAESI act is most draconian act and no case law will work or fit , since time and again even SC has thrown out debtors SLP.
The best way is to find loopholes and go on taking objections.
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