On invocation of action under section 13 of Securitisation Act by secured creditor, reference before BIFR would abate by virtue of third proviso to section 15(1) of SICA

The third proviso under section 15(1) of the SICA relieves the specified strength of secured creditors from shackle of taking consent of the BIFR and permits them to pursue their remedy under the provisions of Securitisation Act, which have been introduced as a special enactment, to further the cause of financial sector and the financial institutions to which the same is applicable.

CASE LAWS DETAILS

DECIDED BY: HIGH COURT OF BOMBAY,  IN THE CASE OF

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