Staying SARFAESI Proceedings in Writ Petitions Draws Criticism from Supreme Court
In a recent judgment, the Supreme Court of India strongly criticized the Karnataka High Court for granting interim relief to a defaulting borrower, Nagson and Company, without recording any proper reasons. The matter involved LIC Housing Finance Ltd., a secured creditor under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The apex court, led by Justice Dipankar Datta and Justice Augustine George…
