https://www.taxtmi.com/caselaws?id=111242 Pendency of a recovery application before the Debts Recovery Tribunal does not bar an assignee secured creditor from invoking the SARFAESI Act. The statutory scheme treats the assignee as the deemed lender, preserves pending proceedings relating to the financial asset, and gives the secured creditor an independent right to enforce security interest under section 13. Section 13(10) is enabling only and does not make withdrawal of the original recovery application a condition precedent for SARFAESI . The challenge to the section 13(2) notice and the possession direction therefore failed. en-us Fri, 16 Mar 2007 00:00:00 +0530 Sat, 21 Apr 2012 12:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111242 Pendency of a recovery application before the Debts Recovery Tribunal does not bar an assignee secured creditor from invoking the SARFAESI Act. The statutory scheme treats the assignee as the deemed lender, preserves pending proceedings relating to the financial asset, and gives the secured creditor an independent right to enforce security interest under section 13. Section 13(10) is enabling only and does not make withdrawal of the original recovery application a condition precedent for SARFAESI . The challenge to the section 13(2) notice and the possession direction therefore failed. Case-Laws Companies Law Fri, 16 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111242