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2017 (11) TMI 2004 - HC - Indian LawsRevival of sick industry - providing corpus fund - benefit of rehabilitation under the Bihar State Micro and Small Enterprises Rehabilitation Act, 2008 - contention of appellant is that once the proceedings under the SARFAESI Act was initiated and pending, the Writ Court could not exercise its jurisdiction under Article 226 of the Constitution - HELD THAT:- Once the proceedings under the SARFAESI Act were pending, the learned Writ Court has no jurisdiction to interfere into the matter so far as it pertains to the right of International Asset Reconstruction Co. Pvt. Ltd. (IARC) is concerned. The learned Writ Court in the facts and circumstances should not have interfered into the matter and issue the mandamus as done, instead, the appellant International Asset Reconstruction Co. Pvt. Ltd. (IARC) should have been granted liberty to proceed with the proceedings initiated by them under the SARFAESI Act and as the decision of the Apex Committee with regard to direction to the Canara Bank was taken behind their back for the purpose of considering rehabilitation package, the matter should have been remitted back to the Apex Level Committee to reconsider the matter instead directing to implement a decision which was not taken in accordance to the requirement of law, i.e. with the consent of all concerned, and even without taking note of various objections, including the objection of Canara Bank based on TEV report dated 30.05.2015, and various other issues involved in the matter. Appeal allowed.
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