Bombay High Court Allows Writ Petition by Asset Reconstruction Company Against District Magistrate's Order Under SARFAESI Act — District Magistrate's Order Quashed for Lack of Jurisdiction and Violation of Natural Justice. The court held that the District Magistrate cannot adjudicate upon the validity of assignment of debt under Section 14 of the SARFAESI Act, 2002, and must hear the secured creditor before passing any adverse order.
20 Aug 2022The petitioners, Phoenix ARC Private Limited (an Asset Reconstruction Company registered under the SARFAESI Act) and its authorized representative, fi...
