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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.
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.
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