Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2010 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (6) TMI 326 - HIGH COURT OF MADRASWhether the stay granted by the DRAT in M. A. No. 56 of 2006 as against the order passed in I. A. No. 538 of 2005 by the DRT, Coimbatore, would amount to nullify or invalidate the action that had already been taken by the petitioner-bank under section 13(4) of the SARFAESI Act? Held that:- A reading of the third proviso shows that, if any measures had already been taken under sub-section (4) of section 13 of the SARFAESI Act then the reference under section 15(1) cannot be maintained. In the instant case, already the petitioner had initiated action under section 13(4). The stay granted by the DRAT in M. A. No. 56 of 2006 in the appeal filed by the third respondent will not nullify or invalidate the action already taken by the petitioner-bank. The said stay of the DRAT is only to prevent the petitioner-bank from taking any further action, till the disposal of the appeal. Under such circumstances, I am of the opinion that the order passed by the AAIFR, setting aside the order of the BIFR, is not sustainable and hence, the same is liable to be set aside. Thus the writ petition is allowed and the impugned order passed by the first respondent AAIFR is set aside
|