Company court cannot interfere with sale of secured assets by a secured creditor – International Law Office (registration)

Introduction

In Pegasus Assets Reconstruction P Ltd v M/s Haryana Concast Limited(1) a division bench of the Supreme Court held that a company court (through the official liquidator) cannot wield any control in respect of a sale of secured assets by a secured creditor in exercise of powers available to the creditor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The decision clarifies the position of law and reconciles conflicting decisions from several high courts.

In India, company courts are generally designated benches of the high courts …

Read the full article at: http://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/India/Phoenix-Legal/Company-Court-cannot-interfere-with-sale-of-secured-assets-by-a-secured-creditor