Insolvency Code primacy: SARFAESI section 13(9) is amended to operate subject to the Insolvency and Bankruptcy Code. The amendment substitutes the opening words of section 13(9) of the Securitization and Reconstruction Act so that the provision now operates 'subject to the provisions of the Insolvency and Bankruptcy Code, 2016,' expressly subordinating the relevant securitization enforcement mechanism to the insolvency framework and requiring alignment of enforcement actions with IBC processes and constraints.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Insolvency Code primacy: SARFAESI section 13(9) is amended to operate subject to the Insolvency and Bankruptcy Code.
The amendment substitutes the opening words of section 13(9) of the Securitization and Reconstruction Act so that the provision now operates "subject to the provisions of the Insolvency and Bankruptcy Code, 2016," expressly subordinating the relevant securitization enforcement mechanism to the insolvency framework and requiring alignment of enforcement actions with IBC processes and constraints.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.