SARFAESI Sale Cannot Proceed If Sale Certificate Is Not Issued Before IBC Moratorium: Bombay High Court
The Bombay High Court has delivered a significant ruling on the interplay between the SARFAESI Act and the Insolvency and Bankruptcy Code, holding that a secured creditor cannot continue a SARFAESI auction sale once an interim moratorium under Section 96 IBC begins. The Court ruled that Union Bank of India was not entitled to accept remaining payments or issue a sale certificate after the personal insolvency process of borrower Vandana…
