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SC set aside the impugned order and restored the petition for fresh adjudication, directing impleadment of the first-charge secured creditor as a respondent and permitting full pleadings and hearing. The Court observed admitted realizations from auctioned assets and the appellant's partial payment and undertaking, and instructed the High Court to determine, under Section 35 of the SARFAESI Act and Section 11(2) of the PF Act, the priority of the first-charge secured creditor vis-Ã -vis the anonymized statutory provident fund and other secured creditors. The matter is remitted for determination of entitlement to balance recovery and priorities among secured creditors after aforestated procedural opportunities.
SC set aside the impugned order and restored the petition for fresh adjudication, directing impleadment of the first-charge secured creditor as a respondent and permitting full pleadings and hearing. The Court observed admitted realizations from auctioned assets and the appellant's partial payment and undertaking, and instructed the High Court to determine, under Section 35 of the SARFAESI Act and Section 11(2) of the PF Act, the priority of the first-charge secured creditor vis-Ã -vis the anonymized statutory provident fund and other secured creditors. The matter is remitted for determination of entitlement to balance recovery and priorities among secured creditors after aforestated procedural opportunities.
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