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2017 (1) TMI 1113 - HC - Indian LawsDe-registration ordered by BIFR - whether it is vitiated by fraud as it was ordered before the notice intimating the date of hearing was dispatched - whether once the petitioner company was declared 'sick', the BIFR has no jurisdiction to order de-registration and permit the creditor bank to proceed for recovery? - Held that:- In this case it is seen that the bank had already secured a recovery certificate against the petitioner. When the secured creditor, the 4th respondent Bank decided to enforce the security, proceedings before the BIFR has to be treated as abated in the light of 3rd proviso to Section 15 of SICA and the provisions contained in Section 13(4) of the SARFAESI Act.
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