Indian Laws - Recovery proceedings - default in payment of loan / debt -...

Indian Laws

Recovery proceedings - default in payment of loan / debt - Priority - in absence of any specific provision for priority of the dues under MSMED Act, if the submission on behalf of respondent No.1 for the dues under MSMED Act would prevail over the SARFAESI Act, then in that case, not only the object and purpose of special enactment / SARFAESI Act would be frustrated, even the later enactment by way of insertion of Section 26E of the SARFAESI Act would be frustrated. - SC

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