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Insolvency and BankruptcyAugust 30, 2024Case LawsAT
Once symbolic possession of the property is taken over by the appellant under the SARFAESI Act, 2002, the moratorium u/s 96 of the Insolvency and Bankruptcy Code prevents the appellant from further proceedings against the property until the moratorium is lifted. The Appellate Tribunal upheld the order barring the appellant from proceeding further under SARFAESI Act regarding the subject property while the moratorium is in effect, dismissing the appeal. This aligns with the recent Delhi High Court judgment that a bank cannot proceed under SARFAESI Act due to the interim moratorium arising from pending insolvency proceedings against the personal guarantor.
Once symbolic possession of the property is taken over by the appellant under the SARFAESI Act, 2002, the moratorium u/s 96 of the Insolvency and Bankruptcy Code prevents the appellant from further proceedings against the property until the moratorium is lifted. The Appellate Tribunal upheld the order barring the appellant from proceeding further under SARFAESI Act regarding the subject property while the moratorium is in effect, dismissing the appeal. This aligns with the recent Delhi High Court judgment that a bank cannot proceed under SARFAESI Act due to the interim moratorium arising from pending insolvency proceedings against the personal guarantor.
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