SARFAESI Proceedings Can Proceed Independently of Insolvency Resolution: Kerala HC

Ashok Harry Pothen Vs Authorised Officer (Kerala High Court) Kerala High Court addressed a petition filed by Ashok Harry Pothen, who sought to halt SARFAESI proceedings initiated by a bank to recover a loan. Pothen had mortgaged his property as security and entered into a joint development agreement with M/s. Heera Constructions Pvt. Ltd. Subsequently, M/s. Heera Constructions underwent insolvency proceedings, and a resolution plan was approved. Pothen argued that since his joint venture was part of the resolution plan, the bank could not proceed under the SARFAESI Act, citing a Supreme Court ...