https://www.taxtmi.com/caselaws?id=110557 A secured creditor may proceed under the SARFAESI Act even while recovery proceedings are pending before the Debts Recovery Tribunal, because the Act permits enforcement of secured interests without court or tribunal intervention and gives overriding effect to inconsistent laws. Service of notice under Section 13(2) is the statutory prerequisite for action under the Act. The pendency of an original application before the DRT does not bar recourse to SARFAESI, and the bank was entitled to invoke the Act notwithstanding the pending proceedings. The earlier Full Bench ruling under a different statutory scheme was inapplicable because that scheme involved distinct alternative recovery methods not present in SARFAESI. en-us Fri, 27 Aug 2004 00:00:00 +0530 Tue, 17 Apr 2012 14:19:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110557 A secured creditor may proceed under the SARFAESI Act even while recovery proceedings are pending before the Debts Recovery Tribunal, because the Act permits enforcement of secured interests without court or tribunal intervention and gives overriding effect to inconsistent laws. Service of notice under Section 13(2) is the statutory prerequisite for action under the Act. The pendency of an original application before the DRT does not bar recourse to SARFAESI, and the bank was entitled to invoke the Act notwithstanding the pending proceedings. The earlier Full Bench ruling under a different statutory scheme was inapplicable because that scheme involved distinct alternative recovery methods not present in SARFAESI. Case-Laws Companies Law Fri, 27 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110557