High Court of Karnataka Dismisses Shareholder's Application for Official Liquidator Supervision of SARFAESI Sale — Secured Creditor's Right to Sell Under SARFAESI Act Prevails Over Company Court's Supervisory Jurisdiction. The court held that a promoter-shareholder of a company in liquidation cannot seek supervision of the sale of secured assets by a secured creditor under the SARFAESI Act, 2002, as the secured creditor has an independent right to sell without interference from the Company Court.
11 Nov 2016The applicant, Rashmi Thakeria, a promoter-shareholder of Natural Textiles Private Limited (in liquidation), filed C.A.No.969/2015 seeking a direction...
