https://www.taxtmi.com/caselaws?id=110112 Writ jurisdiction was held inappropriate where the depositor-protection statute, the RBI Act and section 17 of the SARFAESI Act provided efficacious alternate remedies for depositors and other aggrieved persons. Under the SARFAESI framework, the secured creditor could reject a highest bidder who failed to comply with the tender condition requiring immediate deposit of 25% of the sale price, and the confirmation of sale in favour of the next bidder was consistent with the Act and tender terms. The court also stated that the secured creditor was not obliged to attempt rehabilitation of the dormant sugar mill before sale, while workmen retained statutory protections arising from the transfer of undertaking provisions. en-us Tue, 12 Jul 2005 00:00:00 +0530 Sat, 21 Jan 2017 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110112 Writ jurisdiction was held inappropriate where the depositor-protection statute, the RBI Act and section 17 of the SARFAESI Act provided efficacious alternate remedies for depositors and other aggrieved persons. Under the SARFAESI framework, the secured creditor could reject a highest bidder who failed to comply with the tender condition requiring immediate deposit of 25% of the sale price, and the confirmation of sale in favour of the next bidder was consistent with the Act and tender terms. The court also stated that the secured creditor was not obliged to attempt rehabilitation of the dormant sugar mill before sale, while workmen retained statutory protections arising from the transfer of undertaking provisions. Case-Laws Companies Law Tue, 12 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110112