School Ordered to Be Shut for Loan Default, Police Aid Directed for Takeover Under SARFAESI Act: Supreme Court
The case involved Chaitanya Public School and Junior College in Kolhapur, Maharashtra, where the management had defaulted on repayment of a loan exceeding ₹5 crore. The dispute arose after the secured creditor initiated recovery proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) due to continuous non-payment of outstanding dues by the school management. Initiation of SARFAESI Proceedings Against School Management…
