Banking : Debtor "Failed to Pay Dues of" "Bank" ; Debtor's Petition Dismissed by HC

Banking - Banks' Recovery Proceedings - "Secured Creditor" v "Debtor"- Incorporated Entity Debtor's Challenge to The Proceedings Initiated at The Instance of Bank

In this case, a petition has been filed by the debtor (an incorporated entity) where the creditor was the opposite party. Debtor argued that the action of bank against the assets should not have been taken by bank. 

This Judgment explains the effect of SARFAESI Act, 2002 and the rights of secured creditor with the final result that the debtor's petition was dismissed.

Finally, creditor's action was not interfered with by HC.

Citation : [2021] GCtR 1252