https://www.taxtmi.com/caselaws?id=113495 A secured creditor disposing of an immovable secured asset must follow the staged procedure under the Rules, including a possession notice, publication, valuation and reserve price fixation, a separate 30-day sale notice, and the prescribed sale process. A consolidated possession-cum-sale notice was treated as non-compliant because the framework requires distinct steps and meaningful opportunity for the borrower to respond. The creditor also failed to justify rejection of the borrower's higher settlement offer in favour of a third party, with no transparent decision-making and no completed sale shown on the record. The challenged action was set aside and the disposal process was required to restart in accordance with law. en-us Thu, 12 Nov 2009 00:00:00 +0530 Mon, 27 Oct 2014 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113495 A secured creditor disposing of an immovable secured asset must follow the staged procedure under the Rules, including a possession notice, publication, valuation and reserve price fixation, a separate 30-day sale notice, and the prescribed sale process. A consolidated possession-cum-sale notice was treated as non-compliant because the framework requires distinct steps and meaningful opportunity for the borrower to respond. The creditor also failed to justify rejection of the borrower's higher settlement offer in favour of a third party, with no transparent decision-making and no completed sale shown on the record. The challenged action was set aside and the disposal process was required to restart in accordance with law. Case-Laws Companies Law Thu, 12 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113495