Civil Suit Not Maintainable After SARFAESI Proceedings Are Initiated: SC [Read Order]

The Supreme Court, in Sree Anandhakumar Mills Vs. Indian Overseas Bank, has reiterated that a civil suit would not be maintainable when proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement Of Security Interest (SARFAESI) Act, 2002, are already initiated.A bench of Justice Ranjan Gogoi and Justice R Banumathi was considering an appeal against a Madras...