The Supreme Court has held that in recovering secured property from Non-Performing Assets (NPAs), a secured creditor is bound to consider representations, if any, made by the debtor under Section 13(3A), after the initiation of proceedings under Section 13 of the SARFAESI Act. However, this mandate can also be constructively satisfied. The Bench of Justices SA Bobde and L Nageswarao Rao clarified this position in a judgment delivered on Monday. The Court was dealing with a special leave appeal filed in a dispute between Blue Coast Hotels Ltd., Goa (‘debtor’), the Industrial Financial Corporation of India/IFCI (‘creditor’) and ITC Ltd. […]
The post <b>Breaking:</b> Section 13<i>(3A)</i> of <b>SARFAESI</b> Act mandatory, not directory, <b>SC</b> [Read Judgment]
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