Bombay High Court Dismisses Bank's Appeal Against Refusal to Reject Plaint Under Order VII Rule 11 CPC; Holds Suit Not Barred by Section 34 of SARFAESI Act. Plaintiffs, Claiming Independent Rights as Co-owners and Not Being Parties to Loan/Mortgage Transaction, Could Not Be Barred Under Section 34 as Their Suit Challenges Mortgage Validity Only Against Their Share, Not the Securitization Process Itself.
8 Dec 2010The dispute arose from a loan transaction between State Bank of India (appellant/first defendant) and Crosslink Shipbreakers (P) Ltd. (principal borro...
