Civil Suit not Maintainable after initiation of SARFAESI Proceedings: SC

M/s Sree Anandhakumar Mills LTD Vs M/s Indian Overseas Bank & ORS. (Supreme Court of India) 1. The appellant herein seeks to challenge the order of the High Court of Madras by which the suit filed by the second respondent – Nandini has been held to be maintainable in law, notwithstanding the provisions of Section 34 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “SARFAESI Act”). Accordingly, the injunction granted by the learned trial Court was held to be justified and the sale transaction th...