Proceedings under SARFAESI cannot be continued once CIRP is initiated

Indian Overseas Bank Vs RCM Infrastructure Ltd. And Another (Supreme Court of India)

Facts- The appellant, the Indian Overseas Bank, had extended certain credit facilities to the Corporate Debtor. However, SARFAESI proceedings were initiated against the Corporate Debtor. The appellant took symbolic possession of two secured assets mortgaged exclusively with it. It was done by the appellant in exercise of powers conferred on it under Section 13(4) of the SARFAESI Act read with Rule 8 of the Security Interest

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