Writ Against SARFAESI Action Not Maintainable when alternative remedies exist: SC

Phoenix ARC Private Limited Vs Vishwa Bharati Vidya Mandir & Ors. (Supreme Court of India) In a significant ruling, the Supreme Court of India has set aside an interim order issued by the Karnataka High Court that had stayed recovery proceedings initiated by Phoenix ARC Private Limited, an Assets Reconstruction Company (ARC), against educational institutions that defaulted on loans. The apex court emphasized the limited scope of writ petitions against private entities and the existence of alternative statutory remedies under the Securitization and Reconstruction of Financial Assets and Enf...