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        Case ID :
        Indian Laws

        Abatement of reference proceedings occurs where secured...

        Reference proceedings abate if 3/4th secured creditors initiate SARFAESI recovery, benefiting majority creditors. Statutory conditions met, abatement ensues.

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                          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.
                                Abatement of reference proceedings occurs where secured creditors take measures to recover secured debt under SARFAESI Act. Third proviso to Section 15(1) of SICA mandates abatement if secured creditors representing not less than three-fourths of outstanding amount initiate recovery u/s 13(4) of SARFAESI Act. Legislative intent is to benefit secured creditors by abating proceedings upon recovery action by majority creditors. Abatement is a necessary consequence where statutory conditions are met. Even before SICA repeal, reference proceedings abated u/s 15(1) third proviso, rendering Section 4(b) third proviso of SIC Repeal Act inapplicable.
                                Note: It is a system-generated summary and is for quick reference only.
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