Defaulting Kolhapur School Ordered to Be Closed, Auction of Secured Asset Permitted: Supreme Court
The case arose from a loan transaction where Chaitanya Bahuuddeshiya Shikshan Prasarak Mandal, a private educational trust running a school in Kolhapur, had taken financial assistance from Auxilo Finserve Pvt. Ltd., a secured creditor. The borrowers defaulted on repayment of dues amounting to approximately ₹5.06 crore, leading to proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Repeated Non-Compliance and Court…
