https://www.taxtmi.com/caselaws?id=113438 Where secured creditors representing not less than three-fourths in value invoke action under section 13(4) of the SARFAESI Act, the pending BIFR reference abates under the third proviso to section 15(1) of SICA. Section 22 of SICA is not treated as an absolute bar to that action because the later special recovery regime, read with section 35 of the SARFAESI Act, prevails when the statutory threshold is met. Pendency of a reference continues through inquiry, scheme formulation, sanction and implementation until termination, but a sanctioned scheme does not prevent the third proviso from operating. en-us Wed, 19 May 2010 00:00:00 +0530 Tue, 07 Oct 2014 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113438 Where secured creditors representing not less than three-fourths in value invoke action under section 13(4) of the SARFAESI Act, the pending BIFR reference abates under the third proviso to section 15(1) of SICA. Section 22 of SICA is not treated as an absolute bar to that action because the later special recovery regime, read with section 35 of the SARFAESI Act, prevails when the statutory threshold is met. Pendency of a reference continues through inquiry, scheme formulation, sanction and implementation until termination, but a sanctioned scheme does not prevent the third proviso from operating. Case-Laws Companies Law Wed, 19 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113438