SARFAESI Action by Secured Creditor Does Not Bar IBC Proceedings: NCLT Admits ₹1.96 Cr Insolvency Application [Read Order]
The National Company Law Tribunal (NCLT) Bengaluru Bench has admitted an insolvency application and held that proceedings initiated by a secured creditor under the Securitisation and Reconstruction of Financial Assets and Enforcement ofSecurity Interest Act, 2002 (SARFAESI) does not operate as a bar to the initiation of corporate insolvency resolution process (CIRP) under the Insolvency…