Borrower Must Proactively Approach Lender for Revival or Restructuring Benefits Under SARFAESI Act: Bombay High Court
In a significant ruling, the Bombay High Court dismissed a writ petition filed by Manoj Lalwani, the former Director of Ritu Automobiles Pvt. Ltd., challenging recovery proceedings initiated by HDFC Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petition was found to be an attempt to halt the auction of secured assets following the classification of the company’s account…
