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2015 (10) TMI 827 - HC - Companies LawChallenge to Notice inviting bids for sale of Secured assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act Secured creditor - Petitioner claims the amount outstanding to be ₹ 267.76 lacs which differs from the amount claimed by the Respondent of ₹ 105.65 crores Petitioner contends that notice under Section 13(4) for assignment of debts is not permissible as the same is mentioned in Section 5 and the Respondent could have taken other measures. Held that:- Respondents have taken the action of assignment of debt under clause (a) of Section 13(4) the legality of which has been examined by the DRT - Intended assignment of debt by secured creditor is an independent transaction, which does not affect either the liability or the rights of the borrower Notice of sale has been challenged before the DRT and the matter challenged in the present writ, both are independent of each other Found no merits in the present writ as such dismissed Decided in favour of the Respondent.
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