BUDS have No Precedence over proceedings under SARFAESI Act or IBC: Kerala HC rules in case of HDB Financial Services [Read Order]
The expression ‘Save as otherwise provided in the s. 54 of SARFAESI Act or IBC , can only mean that any action/proceeding under the SARFAESI Act and the IBC is saved from the provision providing precedence to the BUDS Act
While considering a writ petition filed by the HDB Financial Services Limited, the Kerala High Court has held that attachment under the Banning of Unregulated Deposit Schemes Act does not have precedence over proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act or the Insolvency and Bankruptcy Code. Read…
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