https://www.taxtmi.com/caselaws?id=113460 A later stay on further proceedings does not nullify measures already taken by a secured creditor under section 13(4) of the SARFAESI Act. Where secured creditors representing not less than three-fourths in value have already taken such measures, the third proviso to section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 is triggered and the pending BIFR reference abates. The stay only restrained future action and did not revive or preserve the reference. The contrary view that the earlier SARFAESI action was invalidated by the stay was held unsustainable. en-us Wed, 09 Jun 2010 00:00:00 +0530 Sun, 05 Oct 2014 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113460 A later stay on further proceedings does not nullify measures already taken by a secured creditor under section 13(4) of the SARFAESI Act. Where secured creditors representing not less than three-fourths in value have already taken such measures, the third proviso to section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 is triggered and the pending BIFR reference abates. The stay only restrained future action and did not revive or preserve the reference. The contrary view that the earlier SARFAESI action was invalidated by the stay was held unsustainable. Case-Laws Companies Law Wed, 09 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113460