Calcutta HC Upholds DRAT Order dismissing Appeal of MSME against action of Bank under SARFAESI Act

Untag Fashions Private Limited & Ors. Vs UCO Bank & Ors. (Calcutta High Court) Calcutta High Court held that DRAT order dismissing appeal of MSME upheld since MSME did not avail of the facilities and allowed the Securitization and Reconstruction of financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 to run its course, then it is not entitled to any protection. Facts- The appellant no. 1 is a Micro, Small and Medium Enterprise (MSME) within the meaning of The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. He submits that, there are guidelines/c...